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Chapter 6
| Term | Definition |
|---|---|
| FYI – Consistent Reporting | When the same accounting procedures are followed in the same way in each accounting period. |
| AICPA | The American Institute of Certified Public Accountants. |
| Fiscal period | The length of time for which a business summarizes its financial information and reports its financial performance. |
| FYI – Accounting Period Cycle | When changes in financial info are reported for a specific period of time in the form of financial statements. |
| Fiscal year | A fiscal period consisting of twelve consecutive months. |
| Work sheet | A columnar accounting form used to summarize the general ledger info needed to prepare financial statements. |
| FYI – 4 reasons for work sheet | 1.summarize general ledger ac/t balances 2 prove tht dbts=crdts2.plan needed chnges 2 general ledger ac/ts 2 bring ac/t balances up2 date3.separate general ledger ac/t balances according 2the statements 2b prepared 4calculate amount of net income or loss |
| FYI – Journals & Ledgers consider this | |
| FYI – Work sheet consider this | |
| Trail balance | |
| Prepaid Expense | |
| FYI – Matching Expenses with Revenue | |
| Accrual basis of Accounting | |
| Cash basis of Accounting | |
| GAAP | |
| FYI – Materiality | |
| Adjustments | |
| Balance Sheet | |
| Income Statement | |
| Net Income | |
| Net Loss | |
| FYI – 4 checking calculation errors | |
| Adjusting Entries | |
| FYI – Recording Adjusting Entries |
Created by:
andrew.v
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