level: Day 1
Questions and Answers List
1st 3 vocabulary terms
level questions: Day 1
| Question | Answer |
|---|---|
| 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 |