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Chapter 6

TermDefinition
fiscal period length of time a business summarizes and reports financial information; (also "accounting period")
work sheet accounting form that summarizes the general ledger
trial balance proof of debit and credit equality in a general ledger
adjustments changes recorded on a worksheet to update a general ledger at the end of a fiscal period
balance sheet financial statements recording assets, liabilities, and owner's equity on a specific date
income statement financial statements recording revenue and expenses for a fiscal period
net income total revenue is greater; revenue-expenses
net loss total revenue is greater; expenses-revenue
Created by: Tate.cord70
Popular Accounting sets

 

 



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