4.01
The number assigned to the account.
Account Number
The difference between total revenue and total expenses when total expenses are greater than total revenue
Net loss
An entry is made to correct an error that is discovered after posting is completed.
Correcting Entry
Changes recorded on a worksheet to update the general ledger accounts at the end of a fiscal period
Adjustments
A ledger that contains all the accounts needed to prepare financial statements.
General ledger
Journal entries recorded to update general ledger accounts at the end of the fiscal period
Adjusting entries
Write an account title and number on the heading of an account.
Opening An Account
Reports net income or net loss financial information over a defined period of time
Income statement
Determining that the amount of available cash agrees with the balance of the cash account.
Proving Cash
Total of goods on hand for sale to customers
Merchandise inventory