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MB Chapter 6 Terms

Chapter 6 terms for worksheets

QuestionAnswer
The length of time for which a business summarizes and reports fiscal information  Fiscal Period
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements  Work Sheet
A proof of equality of debits and credits in a general ledger  Trial Balance
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period  Adjustments
A financial statement showing the revenue and expenses for a fiscal period  Income Statement
A financial statement that reports assets, liabilities, and owner’s equity on a specific date  Balance Sheet
The difference between total revenue and total expenses when total revenue is greater  Net Income
The difference between total revenue and total expenses when total expenses are greater Net Loss
The winner of today's game Team "J"
Created by: bechere
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