ACCOUNTING CHAPTER 6

Front

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

Back

work sheet

Front

Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.

Back

adjustments

Front

The length of time for which a business summarizes and reports financial information.

Back

fiscal period

Front

The difference between total revenue and total expenses when total expenses is greater.

Back

Net loss

Front

A financial statement showing the revenue and expenses for a fiscal period.

Back

Income Statement

Front

A proof of the equality of debits and credit in general ledger.

Back

trial balance

Front

The difference between total revenue and total expenses when total revenue is greater.

Back

Net Income

Front

Do many businesses choose a one-year fiscal period that ends during a period of high business activity?

Back

False

Front

Making adjustments to general ledger accounts is an application of the Matching Expenses with Revenue accounting concept.

Back

True

Front

The balance of the supplies account PLUS the value of supplies on hand equals the up-to-date balance of the supplies account.

Back

False