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Accounting Chapter 8

Chapter 8 Flashcards

TermDefinition
Matching Principle Principle requiring that the expenses incurred in an accounting period are matched with revenue earned in the same period.
Net Income The amount by which total revenue exceeds total expenses for the accounting period.
Net Loss The amount by which total expenses exceed total revenue for the accounting period.
Ruling Drawing a line; a single rule (line) drawn under a column of figures indicates that the entries above the rule are to be added or subtracted. If an amount is a total and no further processing is needed, a double rule is drawn under it.
Work Sheet A working paper used to collect information from the ledger accounts for use in completing end-of-period activities.
Created by: KSnyder23
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