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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 January - December August - June |
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Work Sheet |
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 the 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 |
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Balance Sheet |
A financial statement that reports assests, liability, and owner's 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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Net Income |
The difference between total revenue and total expenses when total revenue greater |
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Net Loss |
The difference between total revenue and total expenses when total expenses are greater |
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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 total expenses for a fiscal period |
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Stakeholders |
Any persons or groups who will be affected by an action |
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Component Percentage |
The percentage relationship between one financial statement item and the total that includes that item |
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Adequate Disclosure |
Financial statements contain all information necessary to understand a business' financial statements |
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Going Concern |
Financial statements are prepared with the expectation that a business will remain in operation indefinitely |
