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mcguire chap 6/7

chapter 6 & 7

QuestionAnswer
The length of time for which a business summarizes and reports financial info. Fiscal Period
A columnar accounting form used to summarize the general ledger info. needed to prepare financail 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 O.E. on a specific date Balance sheet
A financial statement showing the revenue and exspenses 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 accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the # of deliveries made one year and the amount of revenue recieved for the deliveries made the next year False
An accounting period is also known as a fiscal period True
Journals, Ledgers, and Work sheets are considered permanent records False
All general ledger account titles are listed on a trial balance in the same order as listed on the chart of accounts True
The 4 questions asked when analizing an adjustment are: Why Where When and How False
The 2 accounts affected by the adjustment for supplies are Supplies and Supplies Expense True
The 2 accounts affected by the adjustment for insurance are Prepaid Insurance Expense and Insurance False
Created by: mmcguire44