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14 Cards in this Set
- Front
- Back
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fiscal period |
the length of time for which a business summarizes and reports financial information jan-dec aug-jun |
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work sheet |
a columnar accounting form used to summarize the ledger information needed to prepare financial statement |
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trial balance |
a proof of the equality of debit and credits in a general ledger |
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adjustment |
change recorded on a work sheet to update general ledger accounts at the ned of a fiscal period |
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balance sheet |
a financial statement that reports assets. liabilities, and owner's equity |
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income statement |
a financial statement showing the revenue and total expenses for a fiscal period |
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net income |
the difference between the total revenue and expenses total revenue is greater |
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net loss |
the difference between total revenue and total expenses when total expense are greater |
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balance sheet |
a financial statement that reports assets, liabilities, and owner equity on a specific date |
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income statement |
a financial statement showing the revenue and total expenses for a fiscal period. |
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stakeholder |
any person or groups who will be affected by an action |
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component percentage |
the percentage between one financial statement item and the total that includes that item |
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adequate disclosure |
financial staement contain all information necessary to unsderstand a business financial statement |
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going concern |
financial statements are prepared with all financial statement at the end of the year. a business will remain operating |
