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8 Cards in this Set
- Front
- Back
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Fiscal Period |
- The Length of time for which a business summarizes & reports financial information. |
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Work Sheet |
- A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. |
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Trial Balance |
- A proof of the equility of debits & credits in a general ledger. |
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Adjustments |
- Changes recorded on a work sheets to update general ledger accounts at the end of a fiscal period. |
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Balance Sheet |
- A financial statement that report assets, liabilities, & owner's equity on a specific date. |
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Income Statement |
- A financial statement showing the revenue & expenses for a fiscal period. |
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Net Income |
- The difference between total revenue & total expenses when total revenue is greater. |
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Net Loss |
- The difference between total revenue & total expenses when total expenses are greater. |
