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