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Chapter 6 Accounting
| Question | Answer |
|---|---|
| Fiscal Period | The length of time for which a business summarizes its financial information and reports its financial performance |
| Fiscal Year | A fiscal period consisting of 12 consecutive months |
| Work Sheet | A columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
| Trial Balance | A proof of equality of debits and credits in a general ldeger |
| Prepaid Expense | Cash paid for an expense in one fiscal period that is not used until a later period |
| Accrual Basis of Accounting | Reporting income when earned and expenses when incurred |
| Cash Basis of Accounting | Reporting income when the cash is received and expenses when the cash is paid |
| Adjustments | Changes recorded on a work sheet |
| Balance Sheet | A financial statement that reports assets, liabilities, and owner's equity on a specific date |
| 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 are greater |
| Adjustment Entries | Journal entries recorded to update general ledger accounts at the end of a fiscal period |
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