Accounting Terms
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
What is work sheet
Following the same accounting procedures in the same way in each accounting period.
What is a Consistent Reporting?
When the business has greater expenses than revenues it is known as.
What is net loss?
The length of time for which a business summarizes and reports financial information.
What is fiscal period?
adjusting entries
What accounts make up the balance sheet entries in the worksheet?
Assets, Liabilities, Owner's Equity
A proof of the equality of debits and credits in a general ledger.
What is a trial balance?
A 12 month period where financial records are maintained for a organization
Fiscal Year
What is Income Statement? What is Balance Sheet?
A financial statement that reports assets, liabilities and owner's equity on a specific date.
What is a balance sheet?
Making adjustments to general ledger accounts is an application of this accounting concept.
What is a Matching Expenses with Revenue?
The beginning value of supplies for the month is $550. After doing an inventory of supplies at the end of the month, the value is $320. The adjustment amount for supplies for the month is . . .
What is $230?
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
What is adjustments?
Income Statement or Profit & Loss Statement
On a work sheet--the net income amount is written under which two amount columns?
What is Income Statement Debit and Balance Sheet Credit?