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8 Cards in this Set
- Front
- Back
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Fiscal Period
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- length of time of time for which a business summarizes and reports financial information.
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Worsk Sheet
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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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- 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 assests, 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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- Difference between total revenue and total expenses when total revenue is greater.
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Net Loss
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- Differrence between total revenue and total expenses when total expenses are greater.
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