Details Title: Accounting Chapter 6 Description: vocab Total Flash Cards: 8 Created: 01/20/2009 11:52:29		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Accounting Flashcards
Cards in this set: Term Fiscal Period Definition The length of time for which a business summarizes and reports financial information. Term Worksheet Definition A columnar accounting form used to summarise the general ledger information is needed to prepare financial statements. Term Trial Balance Definition A proof of the equality of debits and credits in a general ledger. Term Adjustments Definition Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. Term Balance Sheet Definition A financial statement that reports assets, liabilities, and owner's equity on a specific date. Term Income Statement Definition A financial statement showing the revenue and expenses for a fiscal period. Term Net Income Definition The difference between total revenue and total expenses when total revenue is greater. Term Net Loss Definition The difference between total revenue and total expenses when total expenses are greater.