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Acctg I - Ch 7

Maplewood Rice Acctg Vocab Ch 7

QuestionAnswer
A proof of the equality of debits and credits in a general ledger trial balance
The difference between total revenue and total expenses when total revenue is greater. net income
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. adjustments
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. work sheet
The length of time for which a business summarizes and reports financial information. fiscal period
The difference between total revenue and total expenses when total expenses is greater. net loss
A financial statement showing the revenue and expenses for a fiscal period. income statement
Popular Accounting sets

 

 



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