Accounting - Worksheets and Financial Statements

The financial statements that includes Assets

• Balance Sheet 
• Income Statement

The financial statement that includes Owner's Equity.

• Balance Sheet 
• Income Statement

The financial statement that includes Revenue.

• Balance Sheet
• Income Statement 

The financial statement that includes Expenses.

• Balance Sheet
• Income Statement

The financial statement that includes Liabilities

• Balance Sheet
• Income Statement

The financial statement that includes the calculation for Net Income/Net Loss

• Balance Sheet 
• Income Statement 

The first two columns of the Work Sheet which contain the balances from the general ledger.

• Balance Sheet
• Income Statement
• Trial Balance
• Adjustments

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

• Trial Balance
• Adjustments
• General Ledger

Definition:  Changes recorded on a worksheet to update general ledger account balances.

• Trial Balance
• Adjustments
• Balance Sheet
• Income Statement 

Concept:  Expenses incurred to earn revenue are reported in the same fiscal period as the revenue is earned and reported.

•  Objective Evidence
• Matching Expenses with Revenue
• Business Entity