Details

Title: Accounting Chapter 6

Description: vocab

Total Flash Cards: 8

Created: 01/20/2009 11:52:29

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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.