accounting I semester Two Final Review

The length of time a business summarizes its financial information and reports its financial performance ps

• Adjusting entries

• Fiscal period

• Net income

• Worksheet

A fiscal period consisting of 12 consecutive months

• Prepaid expenses

• Fiscal period

• Fiscal year

• Net loss

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

• Worksheet

• Trial balance

• Balance sheet

• Adjusting entries

A profit of equality of debits and credits in a general ledger

• Income statement

• Cash basis of accounting

• Accrual basis of accounting

• Trial balance

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

• Trial balance

• Adjustments

• Prepaid expense

• Net income

Reporting income when it is earned and expenses when they are incurred

• Adjusting entries

• Balance sheet

• Fiscal period

• Accrual basis of accounting

Reporting income when the cash is received and expenses when the cash is paid

• Worksheet

• Cash basis of accounting

• Prepaid expense

• Balance sheet

Changes are recorded on a worksheet to update general ledger accounts at the end of a fiscal period

• Net income

• Adjustments

• Adjustments entries

• Income statement

A financial statement that reports assets,liabilities, and owners equity on a specific date

• Net loss

• Trial balance

• Adjustments

• Balance sheet

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

• Net income

• Income statement

• Adjusting entries

• Worksheet