Chapter 6 Accounting Study Guide – Flashcards
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Adjustments
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Changes record on a wrksht to UPDATE general ledger
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Balance sheet
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A financial statement that reports assets,liabilities, & owners equity
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Fiscal period
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The length of time for which business summarizes & reports financial information
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Income statement
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A financial statement showing the REVENUE & Expenses for a fiscal period
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Net income
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The difference between total revenue and total expenses when total revenue is greatee
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Net loss
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The difference between total revenue and total expenses when total expenses are greater
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Trial Balance
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A proof of equality of debits and credits in a general ledger
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Work sheet
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A columnar accounting form used to summarize
