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Accounting Chp. 6&7
| Question | Answer |
|---|---|
| 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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