Adjustments
Trial Balance
Income Statment
Balance Sheet
Work Sheet
100
The length of time for which a business summarizes and reports financial information.
What is a fiscal period?
100
A columnar form used to summarize the information necessary to prepare financial statements.
What is a work sheet?
100
A proof of equality of debits and credits in a general ledger.
What is a trial balance?
100
Changes recorded on a worksheet to update the general ledger accounts at the end of a period.
What are adjustments?
100
A financial statements that reports assets, liabilities, and owner's equity on a specific date.
What is the balance sheet?
200
A financial statement that reports the profit or loss for a fiscal period.
What is the income statement?
200
The difference between earnings and expenses when the revenue is greater?
What is net income?
200
The difference between revenue and expenses when the expenses are greater.
What is a net loss?
200
Included in the heading of a worksheet.
What is who, what and when?
200
Which of your classmates are tied for the highest grade in Acct I?
Who are Tim and Josh?
300
Another name for an accounting period.
What is a fiscal period?
300
The order in which the accounts are written on the trial balance.
What is the chart of accounts order?
300
Supplies are $1,200 on January 1. You used $700 in supplies. This is your adjustment.
What is $700?
300
Your insurance is $1,500 on January 1. You have $300 left. Your adjustment is this.
What is $1,200.
300
The amount of supplies you see on the balance sheet column of the worksheet represents this.
What are supplies you have left.
400
This error occurs when the difference in your columns is divided equally by 9.
What is a slide?
400
This error occurs when the difference in your columns is .01, .10, 1.00 or 10.00.
What is an error in addition?
400
Which of your classmates have a birthday two days before and one day after Christmas?
Who are Liang Wen and Jenna?
400
Supplies on January 1 are $4,000. You have $2,900 left at the end of the period. This is your adjustment.
What is $1,100.
400
Column of the worksheet where you will see assets, withdraws and expenses.
What is the debit column?
500
Concept applied when changes in financial information are reported for a specific period of time in the form of financial statements.
What is the Accounting Period Cycle?
500
The concept applied when the same accounting procedures are followed in the same way in each accounting period.
What is consistent reporting?
500
Concept applied when expenses are reported at the same time as revenues.
What is Matching Expenses with Revenue.
500
Source documents back up this accounting concept.
What is objective evidence?
500
Column of the income statement column used when you have a net loss?
What is the credit column?
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