Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
accounting 6
| Term | Definition |
|---|---|
| The length of time for which a business summarizes its financial information and reports its financial performance | Fiscal period |
| A fiscal period consisting of 12 consecutive months. | Fiscal year |
| A columnar accounting form used to summarize the general ledger information needed to prepare financial statements | Work sheet |
| A proof of equality of debits and credits in a general ledger. | Trial Balance |
| Cash paid for an expense in one fiscal period that is not used until a later period. | Prepaid Expense |
| Reporting income when it is earned and expenses when they are incurred | accruel base of accounting |
| Reporting income when the cash is received and expenses when the cash is paid. | cash basis of accounting |
| Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. | adjustments |
| A financial statement that reports assets, liabilities, and owner's equity on a specific date. | balence sheet |
| A financial statement showing the revenue and expenses for a fiscal period | income statement |
| The difference between total revenue and total expenses when total revenue is greater. | net income |
| The difference between total revenue and total expenses when total expenses are greater. | net loss |
| Journal entries recorded to update general ledger accounts at the end of a fiscal period | adjusting entres |
Created by:
user-1945238