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ashley chapter 6/7
chapter 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 the 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 accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year. | False |
Created by:
ashleymoline18
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