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8 Cards in this Set
- Front
- Back
Fiscal period |
The length of time for which a business summarizes and reports financial information. |
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Worksheet |
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. |
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Trial balance |
A proof of equality of debits and credits in a general ledger. |
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Adjustments |
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. |
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Balance sheet |
A financial statement THAT REPORTS assets, liabilities, and owner's equity on a specific date. |
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Income statement |
A financial statement SHOWING the revenue and expenses for a fiscal period. |
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Net income |
The difference between total revenue and TOTAL EXPENSES WHEN TOTAL REVENUE IS GREATER. |
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Net loss |
The difference between total revenue and total expenses WHEN TOTAL EXPENSES ARE GREATER |