Accounting 1 - Ch. 6 Review

A columnar accounting form used to summarize ledger information to prepare financial statements

• A columnar accounting form used to summarize ledger information to prepare financial statements
• work sheet
• adjustments
• balance sheet

Changes recorded on a work sheet to update ledger accounts at the end of a fiscal period.

• adjustments
• net income
• trial balance
• work sheet

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

• balance sheet
• fiscal period
• income statement
• net income

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

• net loss
• net income
• adjustments
• trial balance

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

• income statement
• balance sheet
• work sheet
• trial balance

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

• trial balance
• income statement
• income statement
• work sheet

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

• net income
• net loss
• adjustments
• fiscal period

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

• income statement
• work sheet
• balance sheet
• net income

Many businesses choose a one-year fiscal period ending during a time of high business activity.

• True
• False

Adjusting ledger accounts is applying the Matching Expenses with Revenue accounting concept.

• True
• False