Acct. 7 vocabulary Word Scramble
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| 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 |
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otakugirl29
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