The length of time for which a business summarizes and reports financial information
What is fiscal period?
100
This concept is applied when changes in financial information are reported for a specific period of time in the form of financial statements
What is Accounting Period Cycle?
100
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
What are adjustments?
100
In a work sheet--Assets, Liabilities and Owner's Equity are extended to these columns in the worksheet
What are the balance sheet columns?
200
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements
What is a work sheet?
200
This concept is applied when the same accounting procedures are followed in the same way each accounting period.
What is Consistent Reporting?
200
The amount of supplies that have been used must be deducted from the asset account, Supplies, and recorded in this account.
What is Supplies Expense?
200
All general ledger account titles and balances are listed even if they have zero balance in this part of the work sheet...
What is the trial balance?
300
The total of all debit account balances must equal the total of all credit account balances. A proof of the equality of debits and credits in a general ledger.
What is a trial balance?
300
This concept is applied when a business's financial information is recorded and reported separately from the owner's personal financial information.
What is Business Entity?
300
The portions of the assets consumed or used in order to earn revenue
What are expenses?
300
Updated balances for Revenue and Expenses are extended to these columns...
What is the Income Statement?
400
A financial statement that reports assets, liabilities and owner's equity on a specific date
What is a balance sheet?
400
This concept is applied when revenue is recorded at the time goods or services are sold
What is Realization of Revenue?
400
Pre paid insurance balance at the beginning of the month minus Insurance Coverage Remaining at the end of the month
What is Insurance Expense?
400
On a work sheet the balance of the Owner's Capital account is extended to this column....
What is the Balance Sheet Credit column?
500
A financial statement showing the revenue and expenses for a fiscal period
What is an income statement?
500
This concept is applied when revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period
What is Matching Expenses with Revenue?
500
Making adjustments to general ledger accounts is an application of this Accounting Concept
What is Matching Expenses with Revenue?
500
A net loss is entered in these worksheet columns (2)
What are the Income Statement Credit and the Balance Sheet Debit Columns?