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accounting quiz

QuestionAnswer
adjustments changes recorded to updatae general ledger accounts at the end of a fiscal period
balance sheet financial statement that reports assets, liabilities, and OE on a specific date
Income statement A financial statement showing the revenue and expenses for a fiscal period
Net Income Difference between total revenue and total expenses when total revenue is greater
Net loss When the total revenue is less than the total expenses
Stakeholders People who will be affected by an action
Component percentage the percentage relationship between one financial statement item and the total that includes that item
fiscal period length of time for which a business summarizes and reports financial information is called
Work sheet a columnar accounting form used to summarize the general ledger info needed to prepare financial statements is called
Trial balance a proof of the equality of debits an credits in a general ledger is called
Created by: benjaminparmley