LIFEPAC Accounting Unit 6
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LIFEPAC Accounting Unit 6 - Details
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16 questions
| 🇬🇧 | 🇬🇧 |
| Balance Sheet | A financial statement that reports assets, liabilities and owners equity on a specific date. |
| 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. |
| Net | The amount remaining after all deductions have been made. |
| Account format | A balance sheet format that lists the assets on the left and the liabilities and equity on the right, similar to the accounting equation. |
| Steps 1-3 of completing the Income Statement | The three line heading |
| Purpose 4/4 of the Income Statement | The net income or net loss for the fiscal period |
| Purpose 3/4 of the Income Statement | All expenses that are matched against the revenue for the fiscal period |
| Purpose 2/4 of the Income statement | A summary of all sources of revenue for the fiscal period |
| Purpose 1/4 of the Income statement | The fiscal period covered by the statement |
| Two statements that show financial position | (1) The statement of owner’s equity, and (2) the Balance Sheet. |
| The purpose of the owner’s equity statement | To report changes in Capital for that fiscal period |
| The 2 sources necessary to complete the statement of owner’s equity | (1) The statement of owner’s equity, and (2) the Balance Sheet. |
| The statement of owner’s equity... | Is prepared before the balance sheet |
| Net loss | The difference between total revenue and total expenses when total expenses are greater than total revenue. |
| Report Format | The most common balance sheet format, with the asset section listed first, followed by the liability and equity sections. This is a two-column report similar to the income statement. |
| Statement of Owner’s Equity | The financial statement that reports the changes in capital that have occurred between the beginning and ending of a given fiscal period. |
| Worksheet | A columnar accounting form used to summarise the general ledger information needed to prepare financial statements. |