19 terms

CHAPTER 6

STUDY
PLAY

Terms in this set (...)

fiscal period
the length of time for which a business summarizes and reports financial information
work sheet
a columnar accounting form used to summarize the general ledger information needed to prepare financial statements
trial balance
a proof of the equality of debits and credits in a general ledger
what is written on the three-line heading om a work sheet?
Name of company, name of report, and date of report
What general ledger accounts are listed in the Trial Balance columns of a work sheet?
What general ledger accounts are listed in the Trial Balance columns of a work sheet?
Adjustments
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
Explain how the concept of Matching Expenses with Revenue relates to adjustments
Adjustments are made so the expenses and revenue from the same fiscal period go together
List the four questions asked in analyzing an adjustment on a work sheet
What is the balance of the account to be adjusted?
What should the balance be for this account?
What must be done to correct the account?
What adjustment is made?
balance sheet
A financial statement that reports the value of a business' assets, liabilities, and owner's equity on a specific date
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
which accounts are extended into the balance sheet columns of the work sheet
Asset, liability, and owner's equity accounts
Which accounts are extended into the Income Statement columns of the work sheet?
Revenue and expense accounts
In which Balance Sheet column do you record net income on the work sheet?
Balance Sheet Credit column.
In which Balance Sheet column do you record net loss on the work sheet?
Balance Sheet Debit column.
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The Pistons are 4-0 since trading for Blake Griffin.
True
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