Chapter 7
About this set
Created by:
mfiler on October 19, 2009
Subjects:
accounting vocabulary, accounting
Classes:
Buckeye Business Academy - East Holmes Satellite, Accounting I
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7 terms
Terms | Definitions |
|---|---|
 adjustments | Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period. |
| fiscal period | The length of time for which a business summarizes and reports financial information. |
| income statement | A financial statement showing the revenue and expenses for a fiscal period. |
| net income | The difference between total revenue and total expenses when the revenue is greater. |
| net loss | The difference between total revenue and total expenses when total expenses is greater. |
| trial balance | A proof of the equality of debits and credit in a general ledger. |
| work sheet | A columnar accounting form used to summarize the general ledger information needed to prepare the financial statements. |
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