Chapter 8 Word Scramble
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Term | Definition |
work sheet | a working paper used to collect information from the ledger accounts for use in completing end-of-period activities |
ruling | drawing a line; a single rule (line) drawn under a column of figures indicates that the entries above the rule are to be added or subtracted. If an amount is a total and no further processing is needed, a double rule is drawn under it. |
matching principle | principle requiring that the expenses incurred in an accounting period are matched with revenue earned in the same period |
net income | the amount by which total revenue exceeds total expenses for the accounting period |
net loss | the amount by which total expenses exceed total revenue for the accounting period |
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