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

A fiscal period consisting of 12 consecutive months

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

A proof of equality of debits and credits in a general ledger.

Cash paid for an expense in one fiscal period that is not used until a later period.

Reporting income when its earned and expenses when they are incurred

Reporting income when the cash is received and expenses when the cash is paid

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

A financial statement that reports assets, liabilities, and owner's equity on a specific date

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

The difference between total revenue and total expenses when total revenue are greater

The difference between total revenue and total expenses when total expenses are greater

Journal entries recorded to update general ledger accounts at the end of the fiscal period

Accounting Concept applied when changes in financial information are reported for a specific period of time in the form of financial statements.

Accounting Concept applied when the same accounting procedures are followed in the same way in each accounting period.

Accounting Concept applied when revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period.

Adjusting entries must be posted to the:

Two__________ are prepared from the information on the worksheet.

If the Trial Balance columns are not equal and the difference can be evenly divided by 9, then the error most likely is a :

Net income on a work sheet is calculated by ____________ the Income Statement Debit column total from the Income Statement Credit column total.

If an amount is written in an incorrect column of a work sheet, the error should be __________ and the amount should be written in the correct column.

The amount of the supplies used during a fiscal period is a(n)__________