level: Terms 1-5
Questions and Answers List
level questions: Terms 1-5
| Question | Answer |
|---|---|
| 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. |
| 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. |