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Accounting Quiz 2011

Mrs. Welsh Accounting Quiz

QuestionAnswer
A financial statement that reports assets, liabilities, and owner's equity on a specific date. Balance 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 is greater net loss
changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period adjustments
a proof of the equality of debits and creits in a general ledger trial balance
Created by: adamwarren