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Acct.

Chapter 7

QuestionAnswer
Fiscal Period the length of time for which a business summarizes and reports financial information.
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 recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
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.
Consistent Reporting Applied when the same accounting procedures are followed in the same way in each accounting period.
Accounting Period Cycle Applied when changes in financial information are reported for a specific period of time in the form of financial statements.
Matching Expenses with Revenue Applied when revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.
To summarize general ledger account balances to prove that debits equal credits. 4 Purposes of Work Sheet (1)
To plan needed changes in general ledger accounts to bring account balances up to date. 4 Purposes of Work Sheet (2)
To separate general ledger account balances according to the financial statements to be prepared. 4 Purposes of Work Sheet (3)
To calculate the amount of net income or net loss for a fiscal period. 4 Purposes of Work Sheet (4)
Name of Company, Name of Report, Date of Report Heading
general ledger Information for the trial balance is taken from the...
Assets, Liabilities and Owner’s Equity Balance Sheet accounts
Revenue and Expenses Income Statement accounts
Created by: mpiontek
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