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Chapter 6
Work Sheet for a Service Business
8
Accounting
12th Grade
11/16/2011

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Term
fiscal period
Definition
The length of time for which a business summarizes and reports financial information.
Term
work sheet
Definition
A columnar accounting form used to summarize the GL information needed to prepare financial statements.
Term
trial balance
Definition
A proof of the equality of debits and credits in a GL.
Term
adjustments
Definition
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
Term
balance sheet
Definition
A financial statement that reports assets, liabilities and owner's equity on a specific date.
Term
income statement
Definition
A financial statement showing the revenue and expenses for a fiscal period.
Term
net income
Definition
The difference between total revenue and total expenses when total revenue is greater.
Term
net loss
Definition
The difference between total revenue and total expenses when total expenses is greater.
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