8 terms

Chapter 6 (9E)

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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.
balance sheet
A financial statement that reports assets, liabilities, and owner's equity on a specific date.