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Acct. 7 vocabulary
Vocabulary
Question | Answer |
---|---|
fiscal period | the length of time for which a business summarizes and reports financial information |
work sheet | a columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
trial balance | a proof of the equality of debits and credits in a general ledger |
adjustments | chages recorded on a work sheet to update general ledger accounts and the end of a fiscal period |
income statement | a financial statement showing the revenue and expenses for a fiscal period |
net income | the difference between total revenue and total expenses when total revenue is greater |
net loss | the difference between total revenue and total expenses when total expenses is greater |