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Accounting Chp. 6&7

QuestionAnswer
The length of time for which a business summarizes and reports financial information. Fiscal Period
A columnar accounting form used to summarize tthe general ledger information 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 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 are greater. Net Loss
The date on a monthly income statement prepared on July 31 is written as For Month Ended July 31, 20--
Information needed to prepare an income statement's revenue section is obtained from a work sheet's Account Title column and Income Statement Credit column
Information needed to prepare an income statement's expense section is obtained from a work sheet's 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 formula for calculating the net income component percentage is Net income divided by total sales equals net income component percentage
Created by: jtotten
 

 



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