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Accounting 1 Chapter 6

adjustments changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
balance sheet a financial statement that reports assets, liabilities, and owner's equity on a specific date
fiscal period the length of time for which a business summarizes and reports financial information
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 is greater
trial balance a proof of the equality of debits and credits in a general ledger
work sheet a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Created by: mrs226