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Worksheets

Parson - Chp 8 Worksheets

QuestionAnswer
work sheet a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
fiscal period the length of time for which a business summarizes and reports financial information
trial balance a proof of 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.
Created by: yparson
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