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Chapter7 vocabulary

cha[ter 7 vocabulary

QuestionAnswer
Fiscal Period also known as accountign period. the length of time for which a buisness sumarizes and reportss financial information.
Work sheet a columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
Adjustments changes recorded on a work sheet to update general ledger accounts at 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 differece between total revenue and total expense when total expenses is greater
Created by: patsyherrera
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