Creating a Worksheet
The length of time for which a business summaries its financial information and reports its financial performance is called.....
Fiscal Period
Cash paid for an expense in one fiscal period that is not used until a later period is called....
Prepaid Expense
The difference between total revenue and total expenses when total revenue is greater.
Net Income
An accounting form used to summarize the general ledger information needed to prepare financial statements.
Worksheet
Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period are called....
Adjustments
A financial statement showing the revenue and expenses for a fiscal period.
Income Statement
A fiscal period consisting of 12 consecutive months
Fiscal Year
Reporting income when it is earned and expense when they are incurred is called....
Accrual Basis of Accounting
A financial statement that reports the value of a business' assets, liabilities, and owner's equity on a specific date.
Balance Sheet
A proof of equality of debits and credits in a general ledger is called....
Trial Balance
Reporting income when the cash is received and reporting expenses when the cash is paid is called...
Cash Basis of Accounting
The difference between total revenue and total expenses when total expenses are greater.
Net Loss
These are the 3 items that make up the heading of a worksheet.
Name of Company, Name of Report, Date of Report
Journal entries recorded to update general ledger accounts at the end of a fiscal period are called...
Adjusting Entries
This item goes under the totals on a worksheet.
Double Rule