FREE ACCOUNTING AND STUDY GAMES ABOUT CHAPTER

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FREE ACCOUNTING AND STUDY GAMES ABOUT CHAPTER

6 VOCAB EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -8 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: work sheet

Answer:

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

Question 2: net loss

Answer:

the difference between total revenue an total expenses when total expenses are greater

Question 3: adjustments

Answer:

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

Question 4: fiscal period

Answer:

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

Question 5: income statement

Answer:

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

Question 6: balance sheet

Answer:

a financial statement that reports assets, liabilities, and owner's equity

Question 7: net income

Answer:

the difference between total revenue and total expenses when total revenue is greater

Question 8: trial balance

Answer:

a proof of the equality of debits and credits in a general ledger