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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 account form used to summarize the general ledger information needed to prepare financial statements
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Trial balance
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proof if 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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a financial statement that reports assests, liabilities, and owner's equity on a specific date
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Income statement
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a financial statement showing the revenue and expenses for a 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 is greater
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