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8 Cards in this Set
- Front
- Back
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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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work sheet
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a columnar accounting form used to summarize that general ledger information neededto perpare financial statement
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fiscal period
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the length of time for which a business summarizes and reports financila information
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adjustments
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charges recorded on a work sheet to update generalledger account at the end of a fiscal period
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balance sheet
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a financial statement that reports assets, liabilities and owners equity on a specific date
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income statement
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a financial statement showing the revenue and expenses for 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 total expenses are greater
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