| A | B |
|---|
| fiscal period | The length of time for which a business summarizes and reports financial information. |
| worksheet | A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. |
| trial balance | A proof of equality of debits and credits in a general ledger. |
| 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 income | The difference between total revenue and total expenses when total revenue is greater. |
| net loss | The difference between total revenue and total expenses when total expenses are greater. |
| accounting | An ______period is also known as a fiscal period. |
| chart of accounts | All general ledger account titles are listed on a trial balance in the same order as listed on the _______. |
| Supplies Expense | The two accounts affected by the adjustment for supplies are Supplies and _______. |
| Insurance | The two accounts affected by the adjustment for insurance are Prepaid Insurance and ________Expense. |
| Totaling and ruling | _________ the Adjustments columns of a work sheet are necessary to prove the equality of debits and credits. |
| Net loss | ________on a work sheet is calculated by subtracting the Income Statement Credit column total from the Income Statement Debit column total. |
| erased and corrected | If errors are found on a work sheet, they must be _________before any further work is completed. |
| transposing the numbers | If the difference between the totals of Debit and Credit columns on a work sheet can be evenly divided by 9, then the error is most likely in _______ |
| erased | Errors in general ledger accounts should never be _____. |
| arithmetic | Most errors occur in doing ______. |
