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Related Flashcards
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Cards In This Set
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Fiscal Period
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Length of time for which a business summarizes and reports financial information. (Accounting period)
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Worksheet
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A columnar form used to summarize the general ledger information needed to prepare financial statements.
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Trial Balance
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Proof of the equality of debits and credits in general ledger.
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Adjustments
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Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
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Balance Sheet
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A financial statement that reports assets, liabilities, and owner’s equity on a specific date.
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Income Statement
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A financial statement showing the revenue and expenses for a fiscal period.
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Net Income
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Difference between total revenue and total expenses when total revenue is greater.
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Net Loss
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Difference between total revenue and total expenses when total expenses are greater.
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