Accounting Final Exam Review

A financial statement that reports the value of a business’s assets, liabilities, and owner’s equity on a specific date.

Planning, recording, analyzing, and interpreting financial information.

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

Journal entries used to prepare temporary accounts for a new fiscal period.

Anything of value that is owned.

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

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

The difference between total revenue and total expenses when total revenue is greater.

A decrease in owner’s equity resulting from the operation of a business.

An amount owed by a business.