CH6: Identifying Accounting Terms

Front

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

Back

Fiscal period

Front

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

Back

Work sheet

Front

A proof of equality of debits and credits in a general ledger.

Back

Trial balance

Front

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

Back

Adjustments

Front

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

Back

Balance sheet

Front

A financial statement showing the revenue and expenses for a fiscal period.

Back

Income statement

Front

The difference between total revenue and total expenses when total revenue is greater.

Back

Net income

Front

The difference between total revenue and total expenses when total expenses are greater.

Back

Net loss