Accounting Ch.6 Word Scramble
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Term | Definition |
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 | Changes on a work sheet to update general ledger accounts at the end of a fiscal period |
Balance Sheet | A financial statement that reports assets, liabilities, and owner's equity on a specific date |
Income Statement | A financial statement showing the revenue and expenses for a fiscal period |
Net Income | The difference between total revenue and total expenses where revenue is greater |
Net Loss | The difference between total revenue and total expenses where expenses is greater |
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