accounting quiz Word Scramble
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| Question | Answer |
| adjustments | changes recorded to updatae general ledger accounts at the end of a fiscal period |
| balance sheet | financial statement that reports assets, liabilities, and OE on a specific date |
| Income statement | A financial statement showing the revenue and expenses for a fiscal period |
| Net Income | Difference between total revenue and total expenses when total revenue is greater |
| Net loss | When the total revenue is less than the total expenses |
| Stakeholders | People who will be affected by an action |
| Component percentage | the percentage relationship between one financial statement item and the total that includes that item |
| fiscal period | length of time for which a business summarizes and reports financial information is called |
| Work sheet | a columnar accounting form used to summarize the general ledger info needed to prepare financial statements is called |
| Trial balance | a proof of the equality of debits an credits in a general ledger is called |
Created by:
benjaminparmley
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