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Accounting Chap 6

Vocab

TermDefinition
Fiscal Period The length of time for which a business summarizes its financial information and reports its financial performance.
Fiscal Year A fiscal period consisting of twelve consecutive months.
Work sheet A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
Trial Balance A proof of the equality of debits and credits in a general ledger.
Adjustments Changes on a worksheet to update general ledger accounts at the end of a fiscal period.
Balance Sheet A financial statement that reports the value of a business's assets, liabilities, and owner's equity on a specific date.
Income Statement A financial statement showing the revenue and expenses for a fiscal period.
Net Income The difference between total revenue and total expenses when total revenue is greater.
Net Loss The difference between total revenue and total expenses when total expenses are greater.
Adjusting Entries Journal entries recorded to update general ledger accounts at the end of the fiscal period.
Created by: Knuddar