LIFEPAC Accounting Unit 5
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| 🇬🇧 | 🇬🇧 |
| Adjustments | An adjustment is an amount that is added to or subtracted from an account balance to bring the balance up to date. |
| Balance Sheet | A financial statement that reports assets, liabilities and owner’s equity on a specific date. |
| Fiscal Period | The length of the accounting cycle for which a business summarises and reports financial information |
| Fiscal period | The length of the accounting cycle for which a business summarises and reports financial information |
| Income statement | A financial statement that reports the revenue and expenses for a fiscal period |
| Matching Expenses with Revenue | All revenue and expenses associated with a business activity are to be recorded in the same accounting period |
| Net | The amount remaining after all deductions have been made |
| Net Income | The difference between total revenue and total expenses when total revenue is greater than total expenses |
| Net Loss | The difference between total revenue and total expenses when total expenses are greater than total revenue |
| Ruling | Refers to drawing a line. A single line means the entries above are complete. A double line means the figures have been verified as correct. |
| Trial balance | A proof of the equality of debits and credits in a general ledger |
| Working Papers | Informal, informational papers provided by the accountants to owners and managers |
| Worksheet | A columnar accounting form used to summarise the general ledger information needed to prepare financial statements |