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Chapters 6 and 7

chapters 6 and 7

QuestionAnswer
A columnar accounting form used to summarize the general ledger information needed to prepare financial stements. Work Sheet
Changes recorded on a worksheet to update the general ledger accounts at the end of a fiscal period. adjustments
A financial statement that reports assets, liabilities, and O.E. on a specific date. Balance Sheet
A financial statement showing the revenue and expenses for a fiscal period. Income Statement
Concept applied when financial statements contain all information necessary to understand a business's financial condition. The Adequate Disclosure accounting concept.
Percentage relationship between one financial statement item and the total that includes that item. Component percentage
Reports financial information on a specific date and includes the assets, liabilities, and O.E. Balance Sheet
Created by: kaylajagnow