Financial
Reports
Income Stm.
Balance Sheet
Worksheet
100
The length of time for which a business summarizes and reports financial information.
What is the 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 the 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 statement that reports assets, liabilities, and owner's equity on a specific date.
What is a Balance Sheet?
200
A financial statement that reports the profit or loss for a fiscal period.
What is an Income Statement?
200
The difference between earnings and expenses when the revenue is greater?
What is a net profit?
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
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 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 $1,200.00?
300
The amount of supplies you see on the balance sheet column of the worksheet represents this.
What is the amount of supplies left?
300
Supplies on January 1 are $4,000. You have $2,900 left at the end of the period. This is your adjustment.
What is $1,100.00?
400
Column of the income statement column used when you have a net loss?
What is the credit column?
400
Column of the worksheet where you will see assets, withdraws and expenses.
What is the debit column?
400
An amount written in parentheses on a financial statement indicates this.
What is a negative number (or net loss).
400
A report that reflects only revenue and expenses.
What is an Income Statements?
400
A report that reflects the concept of the accounting equation.
What is the balance sheet?
500
The accounting concept applied when financial statements contain information necessary to understand business's financial condition.
What is adequate disclosure?
500
The accounting concept applied when revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period.
What is Matching Expenses with Revenue concept?
500
The percentage relationship between one financial statement item and the total that includes that item.
What is component percentage?
500
Capital + net income - drawing =
What is owner's equity formula?
500
Shows that column totals have been verified as correct.
What is a double underline?
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