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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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work sheet
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A columnar accounting fromn used to summarize the gernal ledgar in formation needed to prepare financial statement.
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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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adjustmensts
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Changes recorded on a work sheet to update gerneral ledger accounts 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 finacial statement showing the revenue and expenses foe fiscal period
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net income
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the diffrences between total revenue when total expenses
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net loss
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the diffrences betwen total revenue and total expnses when totgal expenses are greater .
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