term1 Definition1term2 Definition2term3 Definition3
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Fiscal Period
The length of time for which a business summarizes and reports financial information
January-December
August-June
Work Sheet
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Trial Balance
A proof of the equality of debits and credits in a general ledger
Adjustments
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
Balance Sheet
A financial statement that reports assets, liabilities, and owner's equity on a specific date
Income Statement
A financial statement showing the revenue and total expenses for a fiscal period
Net Income
The difference between total revenue and total expense when total revenue is greater
Net Loss
The difference between total revenue and total expenses when total expenses are greater
Stakeholders
Any persons or groups who will be affected by an action
Component Percentage
The percentage relationship between one financial statement item and the total the includes that item
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