Accounting Chapter 6 Review

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

• Work sheet

• Income statement

• Trial balance

• Balance sheet

What are changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period?

• Adjustments

• Net loss

• Net income

• Trial balance

What do you call the length of time for which a business summarizes and reports financial information?

• Fiscal period

• Work sheet

• Trial balance

• Adjustments

When total expenses are greater than total revenue.

• Net loss

• Net income

• Balance sheet

• Adjustments

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

• Income statement

• Balance sheet

• Trial balance

• Work sheet

Proof of the equality of debits and credits in a general ledger.

• Trial balance

• Work sheet

• Balance sheet

• Income statement

When the total revenue is greater than the total expenses.

• Net income

• Net loss

• Adjustments

• Balance sheet

A statement that reports assets, liabilities, and owner's equity.

• Balance sheet

• Income statement

• Trial balance

• Work sheet

Following the same accounting procedures in the same way in each accounting period is called:

• Matching Expenses with Revenue

• Accounting Period Cycle

• Consistent Reporting

• Going Concern

Reporting changes in financial information for a specific period of time in the form of financial statements is called:

• Matching Expenses with Revenue

• Accounting Period Cycle

• Consistent Reporting

• Going Concern