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Chapters 6&7!

QuestionAnswer
the length of time for which a business summarizes and reports financial info fiscal period
a columnar accounting forn used to summarize the general ledger info needed to prepare financial statements work sheet
a proof of equality of debits and credits in a general ledger trial balance
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 oe on a specific date balance sheet
a finacial statement showing the revenue and expenses for a fiscal period income statement
the difference between total revenue and total expense when total revenue is greater net income
the difference between total revenue and total expense when total expenses are greater net loss
the date on a monthly income statement prepared on july 31 is written as... for month ended july 31, 2011
information needed to prepare an income statements revenue section is obtained from a work sheets accout title column and... income statement credit column
info needed to prepare an income statements expense section is obtained from a work sheets account title column and... income statement debit column
the amount of net income calculated on an income statement is correct if... it is the same as net income shown on the work sheet
the formal for calculating the net income component percentage is... net income divided by total sales equals net income component percentage
the accounting concept consistent reporting is being applied when a deliever business reports revenue for the number of delieveries made one year and the amount of revenue received for the deliveries made the next year FALSE
if the difference between the totals of debit and credit columns on a work sheet can be evenly divided by 9, then the error is most likely in addition FALSE
the best way to prevent errors is to use a calculator FALSE
the matching expenses the revenue accounting concept is applied when the revenue earned and the expenses incurre to earn that revenue are reported in the same fiscal period TRUE
the net income on an income statement is verified by checking the balance sheet FALSE
when a business has two different sources of revenue, a separaed income statement should be prepared for each kind of revenue FALSE
a balance sheet reports financial info on a specific date and includes the assets, liabilities, and OE TRUE
the position of the total asset lines on the balance sheet is determined after the equitites section is prepared TRUE
Created by: brittanytaylor