Chapter 6 Accounting QUIZ

Journal entries recorded to update general ledger accounts at the end of a fiscal period.

• adjusting entries

• fiscal period

• balance sheet

• work sheet

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

• adjusting entries

• fiscal period

• balance year

• net income

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

• work sheet

• income statement

• net loss

• adjustments

A fiscal period consisting of twelve consecutive months.

• fiscal year

• net income

• net loss

• adjusting entries

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

• income statement

• prepaid expense

• work sheet

• trial balance

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

• work sheet

• income statement

• balance sheet

• prepaid expense

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

• work sheet

• adjusting entries

• net income

• net loss

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

• work sheet

• trial balance

• net income

• prepaid expense

Cash paid for an expense in one fiscal period that is not used until a later period.

• work sheet

• trial balance

• balance sheet

• prepaid expense

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

• adjustments

• trial balance

• balance sheet

• income statement