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Chapter 8

Century 21 Accounting chapter 8

QuestionAnswer
The length of time for which a business summarizes and reports financial information Fiscal Period
A financial statement showing the revenue and expenses for a fiscal period Income Statement
A proof of the equality of debits and credits in a general ledger Trial Balance
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period Adjustments
A columnar accounting from used to summarize the general ledger information needed to prepare financial statements Work Sheet
The difference between total revenue and total expenses when total revenue is greater Net Income
The difference between total revenue and total expenses when total expenses is greater Net Loss
On the worksheet, Insurance expense is found in the adjustments section as a? Debit
On the worksheet, Supplies Expense is found in the adjustments section as a? Debit
On the worksheet, Prepaid insurance is found in the adjustments section as a? Credit
On the worksheet, Supplies is found in the adjustments section as a? Credit
All asset, Liabilities and Owners Equity accounts are found in what section of the worksheet Balance Sheet
All revenue and all expense accounts are found in what section of the worksheet Income Statement
On the income statement section of the worksheet, if the sales number is greater than the expense number do you have a net gain or a net loss? Net gain
On the income statement section of the worksheet, if the expense number is greater than the sales number do you have a net gain or a net loss? Net Loss
Where do you find the numbers to put in the trial balance section of a worksheet? General Ledger
On the top of a worksheet there is the company name, the title of the form and the date. What 3 words come before the date on that line? For Month Ended
How many credit accounts will you find on the income statement section of the worksheet? one
Created by: sbrownfisherman