Trial Balance
The length of time for which a business summarizes its financial information and reports its financial performance
What is a fiscal period?
Cash paid for an expense in one fiscal period that is not used until a later period
The two accounts affected by the adjustment for supplies are ____ & ___ ____.
What is supplies and supplies expense?
Accountants use a work sheet to summarize general ledger account balances to prove that _____ equals ____.
What are debits equal credits?
A financial statement that reports the value of a business’s assets, liabilities, and owner’s equity
What is a balance sheet?
A fiscal period consisting of twelve consecutive months
What is a fiscal year?
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
What are adjustments?
Net income is also sometimes referred to as ___ .
What is profit?
Accountants use a work sheet to plan needed changes to general ledger accounts to bring account _____ up to date.
What are balances?
A financial statement showing the revenue and expenses for a fiscal period
What is an income statement?
A columnar accounting form is used to summarize the general ledger information needed to prepare financial statements
What is a work sheet?
at the end of a fiscal period, the amount of the insurance premium used must be deducted from the asset account ____.
What is Prepaid Insurance?
The accounting 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?
Accountants use a work sheet to separate general ledger account balances according to the ______ _____ to be prepared.
What are financial statements?
The difference between total revenue and total expenses when total revenue is greater
What is net income?
What 3 items are written on the heading of a work sheet and in what order are they listed?
What are the name of the company, name of the report (work sheet), and the date?
Reporting income when it is earned and expenses when they are incurred
What is Accrual Basis of Accounting?
The accounting concept ______ is applied when the same accounting procedures are followed in the same way in each accounting period.
What is consistent reporting?
Accountants use work sheets to calculate the amount of ___ ____ or ___ ____ for a fiscal period.
What is net income or net loss?
The difference between total revenue and total expenses when total expenses are greater
What is net loss?
A proof of the equality of debits and credits in a general ledger
What is a trial balance?
Reporting income when the cash is received and expenses when the cash is paid
What is Cash Basis of Accounting?
What accounting concept is - After the adjustments are made, the expenses incurred to earn revenue are reported in the same fiscal period as the revenue is earned and reported.
What is Matching Expenses with Revenue?
Th date on a worksheet is written ____ .
What is For Month Ended.. ?
A ___ error occurs when numbers are moved to the right or left in an amount column. For example, $12.00 is recorded as $120.00.
What is a slide error?