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Chapter 6 Worksheets
| Question | Answer |
|---|---|
| What is a fiscal period? | The length of time for which a business summarizes and reports financial information |
| What is a worksheet? | A columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
| What is a trial balance? | A proof of the equality of debits and credits in a general ledger |
| What is included in the heading of a worksheet? | Business name, Worksheet, and dates |
| What are changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period? | Adjustments |
| After the adjustments are made, the expenses incurred to earn revenue are reported in the same fiscal period as the revenue is earned and reported. What accounting concept does this represent? | Matching expenses with revenue |
| What is a balance sheet? | A financial statement that reports assets, liabilities, and owner's equity on a specific date |
| What is an income statement? | A financial statement showing the revenue and expenses for a fiscal period |
| What is the difference between total revenue and total expenses called when total revenue is greater? | Net Income |
| What is the difference between total revenue and total expenses called when total expenses are greater? | Net Loss |
Created by:
lbeddow
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