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8 Cards in this Set
- Front
- Back
fiscal period
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length of time for which a business summarizes and reports financial information
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work sheet
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a columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
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trail balance
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a proof of the equality of debits and credits in a general ledger.
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adjujstements
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changes recorded on a work sheet to update general ledger accounts at teh 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 specifc 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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the difference between total revenue and total expenses when total revenue is greater.
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net loss
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the difference between total revenue and total expenses when toatal expenses are greater.
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