6-1 Worksheet for a Business

Front

The accounting concept __________ ______ is applied when the same accounting procedures are followed in the same way in each accounting period.

Back

Consistent Reporting

Front

The length of time for which a business summarizes and reports financial information is called a _____________.

Back

fiscal period

Front

An accounting concept that is applied when changes in financial information are reported for a specific period of time in the form of financial statements is called an ________________ cycle.

Back

Accounting period, accounting period cycle

Front

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is called a _____________________.

Back

worksheet, work sheet

Front

Accountants use a worksheet for four reasons: 1. To summarize general ledger account balances to prove that _______________ .

Back

debits equal credits

Front

Accountants use a worksheet for four reasons:

2. To plan needed changes to general ledger accounts to ___________________.

Back

bring account balances up to date

Front

Accountants use a worksheet for four reasons:

3. To separate general ledger account balances according to the ________ _________ to be prepared.

Back

financial statements

Front

Accountants use a worksheet for four reasons:

4. To calculate the amount of _____________________ for a fiscal period.

Back

net income or net loss

Front

Proof of the equality of debits and credits in a general ledger is called _____________.

Back

trial balance

Front

Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period are called _____________.

Back

adjustments