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Accounting C6

Century 21 Chapter 6

1. Accounting Period Cycle concept Changes in financial information are reported for a specific period of time in the form of financial statements
2. adjustments changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
3. balance sheet a financial statement that reports assets, liabilities, and owner’s equity on a specific date
4. Certified Public Accountant An accountant who has passed the uniform certified public accounting exam and met the licensing requirement for a state
5. Consistent Reporting concept Same accounting procedures are followed in the same way in each accounting period.
6. fiscal period the length of time for which a business summarizes and reports financial information
7. Fiscal year An accounting period of one year
8. income statement a financial statement showing the revenue and expenses for a fiscal period
9. Matching Expenses with Revenue Concept The revenue from business activities and the expenses associated with earning that revenue are recorded in the same accounting period
10. net income the difference between total revenue and total expenses when total revenue is greater
11. net loss the difference between total revenue and total expenses when total expenses are greater
12. Slide Error numbers or decimal point were moved right or left (i.e., 12.00 recorded as 120.00 or 350.00 as 35.00)
13. Transposition error two numbers have been reversed (i.e., 53 instead of 35).
14. trial balance a proof of the equality of debits and credits in a general ledger
15. work sheet a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Created by: Nabila105