Term
|
Definition
|
The length of time for which a business summarizes and reports financial information.
|
|
|
Term
|
Definition
|
A columnar accounting form used to summarise the general ledger information is needed to prepare financial statements.
|
|
|
Term
|
Definition
|
A proof of the equality of debits and credits in a general ledger.
|
|
|
Term
|
Definition
|
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
|
|
|
Term
|
Definition
|
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
|
|
|
Term
|
Definition
|
A financial statement showing the revenue and expenses for a fiscal period.
|
|
|
Term
|
Definition
|
The difference between total revenue and total expenses when total revenue is greater.
|
|
|
Term
|
Definition
|
The difference between total revenue and total expenses when total expenses are greater.
|
|
|