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Chapter 8

Key Terms

TermDefinition
matching principle principle requiring that the expenses incurred in an accounting period are matched with revenue earned in the same period
net income amount by which total revenue exceeds total expenses in an accounting period
net loss amount by which total expense exceed total revenue in an accounting period
ruling drawing a line; a single rule (line) drawn under under a column of figure indicating that entries above are to be added or subtracted. If amount is a total and no further processing is needed, a double rule is drawn underneath
worksheet working paper used to collect information from the ledger accounts for use in completing end-of-period activities
Created by: talenswan1
Popular Accounting sets

 

 



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