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Accounting Terms ch.6

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Fiscal period

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1 / 13

Terms in this set (13)

The length of time for which a business summarizes its financial information and reports its financial performance.

A 12-month pd, October through Septmeber, for planning the federal budget

a working paper used to collect information from the ledger accounts in one place

a summary of all the financial data in the account ledgers that ensures the figures are correct and balanced

Prepaid expense

Cash paid for an expense in one fiscal period that is not used until a later period