Worksheets and Adjustments- Chapter 6

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

• trial period

• fiscal period

• annual report period

• audit window

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

• balance sheet

• income statement

• annual report

• work sheet

A proof of equality of debits and credit in a general ledger

• net income/loss

• revenue statement

• trial balance

• adjustment column

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

• trial balance

• adjusted balance

• final balance

• adjustments

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

• balance sheet

• income statement

• general ledger

• work sheet

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

• net sales statement

• income statement

• income summary

• annual report

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

• Net profit

• Net sales

• Gross profit

• Net income

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

• Net loss

• Depriciation

• Gross loss

• Profit loss

The accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year.

• True

• False

An accounting period is also known as a fiscal period

• True

• False