Acct. I CH 6
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15 terms
Terms | Definitions |
|---|---|
 Fiscal Period | The length of time for which a business summarizes and reports financial information |
| Accounting Period Cycle | When changes in financial information are reported for a specific period of time in the form of financial statements |
| Work Sheet | A columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
| Trial Balance | A proof of equality of debits and credits in a general ledger |
| Adjustments | Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period |
| Matching Expenses with Revenue | When revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period |
| Balance Sheet | A financial statement that reports assets, liabilities and owner's equity |
| 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 total revenue is greater |
| Net Loss | The difference between total revenue and total expenses when total expenses are greater |
| All | Which general ledger accounts are listed in the Trial Balance columns of a work sheet? |
| Assets, Liabilities, and Owner's Equity | The accounts extended into the Balance Sheet columns of the work sheet |
| Revenue and Sales | The accounts extended into the Income Statement columns of the work sheet |
| Credit | The Balance Sheet column of the work sheet that you record net income |
| Debit | The Balance Sheet column of the work sheet that you record net loss |
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