
Accounting Review Part 3*
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
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30 questions
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1.
FLASHCARD QUESTION
Front
The length of time for which a business summarizes its financial information and reports its financial performance.
Back
fiscal period
2.
FLASHCARD QUESTION
Front
A fiscal period consisting of 12 consecutive months.
Back
fiscal year
3.
FLASHCARD QUESTION
Front
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
Back
work sheet
4.
FLASHCARD QUESTION
Front
A proof of equality of debits and credits in a general ledger.
Back
trial balance
5.
FLASHCARD QUESTION
Front
Cash paid for an expense in one fiscal period that is not used until a later period.
Back
prepaid expense
6.
FLASHCARD QUESTION
Front
Reporting income when it is earned and expenses when they are incurred.
Back
accrual basis of accounting
7.
FLASHCARD QUESTION
Front
Reporting income when the cash is received and expenses when the cash is paid.
Back
cash basis of accounting
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