8 terms

Accounting 1 Ch. 6 Vocab

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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
Adjustments
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
Balance Sheet
A financial statement that reports 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
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
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