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Chapter 6
vocabulary
8
Accounting
11th Grade
01/18/2011

Additional Accounting Flashcards

 


 

Cards

Term
Trial Balance
Definition
a proof of the equality of debits and credits in a general ledger
Term
Fiscal Period
Definition
the length of time for which a business summerizes and reports financial information
Term
Work sheet
Definition
a columnar accounting form used to summerize the general ledger information needed to prepare financial statements
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 totalrevenue is greater 
Term
Net Loss
Definition
the difference between total revenue and total expenseswhen total expenses are greater
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