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Chapter 6
Work Sheet for a Service Business
8
Accounting
12th Grade
01/04/2013

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Term
Fiscal period
Definition
the length of time for which a business summarizes and reports financial information
Term
Work sheet
Definition
a columnar accounting form used to summarize the general ledger information 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 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
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