Chapter 6 Flashcards

1
Q

adjustments

A

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

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2
Q

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

A

adjustments

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3
Q

balance sheet

A

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

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4
Q

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

A

balance sheet

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5
Q

fiscal period

A

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

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6
Q

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

A

fiscal period

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7
Q

income statement

A

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

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8
Q

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

A

income statement

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9
Q

net income

A

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

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10
Q

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

A

net income

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11
Q

net loss

A

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

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12
Q

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

A

net loss

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13
Q

trial balance

A

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

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14
Q

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

A

trial balance

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15
Q

work sheet

A

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

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16
Q

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

A

work sheet