CH 6 Work Sheet For A Service Business

Question 1

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

Answer 1

Fiscal Period

Question 2

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

Answer 2

Work Sheet

Question 3

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

Answer 3

Trial Balance

Question 4

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

Answer 4

Adjustments

Question 5

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

Answer 5

Balance Sheet

Question 6

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

Answer 6

Income Statement

Question 7

The difference between total revenue and total expenses when total revenue is greater.

Answer 7

Net Income

Question 8

The difference between total revenue and total expenses when total expenses are greater.

Answer 8

Net Loss