a financial statement showing the revenue and expenses for a fiscal period.
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Accounting I Chapter 6 Key Terms
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Worksheet and Adjusting Entries for a Service Business
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fiscal period The length of time for which a business summarizes its financial information and reports its financial performance
fiscal year A fiscal period consisting of 12 consecutive months
work sheet A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
trial balance The total of all debit account balances must equal the total of all credit account balances and this accounting form is used to prove the equality of debits and credits in a general ledger.
prepaid expense Cash paid for an expense in one fiscal period that is not used until a later period
accrual basis of accounting Reporting income when it is earned and expenses when they are incurred
cash basis of accounting Reporting income when the cash is received and expenses when the cash is paid
adjustments Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
balance sheet A financial statement that reports assets, liabilities, and owner's equity on a specific date
income statement A financial statement showing the revenue and expenses for a fiscal period
net loss The difference between total revenue and total expenses when total expenses are greater
net income The difference between total revenue and total expenses when total revenue is greater
adjusting entries Journal entries recorded to update general ledger accounts at the end of a fiscal period
Consistent Reporting An accounting concept applied when the same accounting procedures are followed in the same way in each accounting period
Matching Expenses with Revenue An accounting concept applied when amounts that helped earn revenue for a period must be reported as expenses in the same period
Materiality An accounting concept applied when business activities creating dollar amounts large enough to affect business decisions should be recorded and reported as separate items in the accouning records and financial statements.
Unit of Measurement An accounting concept requiring that business transactions be reported in numbers that have common values--that is, using a common unit, for example, U.S. dollars
Accounting Period Cycle An accounting concept applied when changes in financial information are reported for a specific period of time in the form of financial statements
Exchange Rate The value of one currency for the purpose of conversion to another
AICPA American Institute of Certified Public Accountants
NASDAQ created by the National Association of Securities Dealers (NASD) to enable investors to trade securities on a computerized, speedy and transparent system, and commenced operations on February 8, 1971
Mrs. Huffman Business Teacher PRESTON HIGH SCHOOL Kingwood, WV View profile
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Create your own activitiesAccountin test 6 vocab Flashcards & Practice Test
Memorize flashcards and build a practice test to quiz yourself before your exam. Start studying the Accountin test 6 vocab flashcards containing study terms like 1. The length of time for which a business summarizes its financial information and reports its financial performance. (p. 159), 2. A fiscal period consisting of 12 consecutive months. (p. 159), 3. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. (p. 159) and more.
Accountin test 6 vocab
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1. The length of time for which a business summarizes its financial information and reports its financial performance. (p. 159)
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fiscal period
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2. A fiscal period consisting of 12 consecutive months. (p. 159)
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fiscal year
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1/13 Created by P2Gutzmer
Terms in this set (13)
1. The length of time for which a business summarizes its financial information and reports its financial performance. (p. 159)
fiscal period
2. A fiscal period consisting of 12 consecutive months. (p. 159)
fiscal year
3. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. (p. 159)
work sheet
4. A proof of equality of debits and credits in a general ledger. (p. 160)
trial balance
5. Cash paid for an expense in one fiscal period that is not used until a later period. (p. 163)
prepaid expense
6. Reporting income when it is earned and expenses when they are incurred. (p. 163)
accrual basis of accounting
7. Reporting income when the cash is received and expenses when the cash is paid. (p. 163)
cash basis of accounting
8. Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. (p. 163)
adjustments
9. A financial statement that reports assets, liabilities, and owner's equity on a specific date. (p. 169)
balance sheet
10. A financial statement showing the revenue and expenses for a fiscal period. (p. 170)
income statement
11. The difference between total revenue and total expenses when total revenue is greater. (p. 171)
net income
12. The difference between total revenue and total expenses when total expenses are greater. (p. 172)
net loss
13. Journal entries recorded to update general ledger accounts at the end of a fiscal period. (p. 176)
adjusting entries
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QUIZ
Accounting 1 - Chapter 6
Accounting 1 - Chapter 6 70%
38 10th - 12th Other Michelle Henley 2 years
23 Qs
1. Multiple-choice 30 seconds Q.
Reporting income when it is earned and expenses when they are incurred.
answer choices
accrual basis of accounting
cash basis of accounting
2. Multiple-choice 30 seconds Q.
A fiscal period consisting of 12 consecutive months
answer choices fiscal period fiscal year 3. Multiple-choice 30 seconds Q.
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
answer choices adjusting entries adjustments 4. Multiple-choice 30 seconds Q.
A proof of equality of debits and credits in a general ledger
answer choices balance sheet income statement trial balance work sheet 5. Multiple-choice 30 seconds Q.
The difference between total revenue and total expenses when total revenue is greater.
answer choices net income net loss 6. Multiple-choice 30 seconds Q.
A financial statement that reports the value of a business's assets, liabilities, and owner's equity on a specific date.
answer choices balance sheet income statement trial balance work sheet 7. Multiple-choice 30 seconds Q.
The length of time for which a business summarizes financial information and reports its financial performance.
answer choices fiscal period fiscal year 8. Multiple-choice 30 seconds Q.
The difference between total revenue and total expenses when total expenses are greater.
answer choices net income net loss 9. Multiple-choice 30 seconds Q.
Reporting income when the cash is received and expenses when the cash is paid.
answer choices
accrual basis of accounting
cash basis of accounting
10. Multiple-choice 30 seconds Q.
A financial statement showing the revenue and expenses for a fiscal period.
answer choices balance sheet income statement trial balance work sheet 11. Multiple-choice 30 seconds Q.
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
answer choices balance sheet income statement trial balance work sheet 12. Multiple-choice 30 seconds Q.
Cash paid for an expense in one fiscal period that is not used until a later period
answer choices adjustment prepaid expense 13. Multiple-choice 30 seconds Q.
Journal entries recorded to update general ledger accounts at the end of a fiscal period.
answer choices adjusting entries adjustments 14. Multiple-choice 30 seconds Q.
Only accounts with a balance are listed in the Trial Balance columns of a work sheet.
answer choices true false 15. Multiple-choice 30 seconds Q.
The amount of the supplies used during a fiscal period is an expense.
answer choices true false 16. Multiple-choice 30 seconds Q.
Adjusting entries must be posted to the general ledger accounts.
answer choices true false 17. Multiple-choice 30 seconds Q.
The accounting concept Consistent Reporting is being applied when a word processing service business reports revenue per page one year and revenue per hour the next year.
answer choices true false 18. Multiple-choice 30 seconds Q.
Many businesses choose a one-year fiscal period that ends during a period of high business activity.
answer choices true false 19. Multiple-choice 30 seconds Q.
If an amount is written in an incorrect column of a work sheet, the error should be erased and the amount should be written in the correct column.
answer choices true false 20. Multiple-choice 30 seconds Q.
Two financial statements are prepared from the information on the work sheet.
answer choices true false 21. Multiple-choice 30 seconds Q.
Net income on a work sheet is calculated by subtracting the Income Statement Debit column total from the Income Statement Credit column total.
answer choices true false 22. Multiple-choice 30 seconds Q.
If the Trial Balance columns are not equal and the difference can be evenly divided by 9, then the error most likely is a transposed number.
answer choices true false 23. Multiple-choice 30 seconds Q.
When the Income Statement Debit column total is greater than the Income Statement Credit column total on a work sheet, the business has a net income.
answer choices true false
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