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

A list of accounts used by a business.

Accounts used to accumulate information until it is transferred to the owner’s capital account.

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

Reporting income when earned and expenses when incurred.

Transferring information from a journal entry to a ledger account.

The drawing account is a permanent account.

Adjusting entries must be posted to the general ledger accounts.

A balance sheet reports financial information for a period of time.

The formula for calculating net income is total revenue minus total expenses.

For whom are financial statements prepared?

Bankers, Creditors, Stakeholders and Customers are examples of

Income Summary is a permanent account.

A trial balance prepared after the closing entries are posted is called