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8 Cards in this Set
- Front
- Back
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Fiscal Period
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The length of time for which a business summarizes and reports financial information
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Worksheet
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Columnar accounting form used to summarize the general ledger information needed to prepare financial statements
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Trial Balance
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A proof of the equality of debits and credits in a general ledger
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Adjustments
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Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
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Balance Sheet
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Financial statement that reports assets, liabilities, and owner's equity on a specific date
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Income Statement
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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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Tyhe difference between total revenue and total expenses when the total expenses in greater
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