Ch 6 Class

Question 1

changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period

Answer 1

adjustments

Question 2

a financial statement that reports assets, liabilities, and owner’s equity on a specific date

Answer 2

balance sheet

Question 3

the length of time for which a business summarizes and reports financial information

Answer 3

fiscal period

Question 4

a financial statement showing the revenue and expenses for a fiscal period

Answer 4

income statement

Question 5

the difference between total revenue and total expenses when total revenue is greater

Answer 5

net income

Question 6

the difference between total revenue and total expenses when total expenses are greater

Answer 6

net loss

Question 7

a proof of the equality of debits and credits in a general ledger

Answer 7

trial balance

Question 8

a columnar accounting form used to summarize the general ledger information needed to prepare financial statements

Answer 8

worksheet