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Lecture 2

ACC 358 Lecture Notes - Lecture 2: Certified Public Accountant, Deferral, General LedgerExam


Department
Accounting
Course Code
ACC 358
Professor
LaGore
Lecture
2

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The length of time for which a business summarizes its financial information and reports its financial
performance.
Work sheet
A columnar accounting form used to summarize the general ledger information needed to prepare
financial statements.
Trial balance
A proof of the equality of debits and credits in a general ledger.
Prepaid expense
Cash paid for an expense in one fiscal period that is not used until a later period.
Net loss
The difference between total revenue and total expenses when total expenses are greater.
Net income
The difference between total revenue and total expenses when total revenue is greater.
Income statement
A financial statement showing the revenue and expenses for a fiscal period.
Fiscal year
A fiscal period consisting of 12 consecutive months.
Certified public accountant (CPA)
An accountant who has passed the uniform certified public accounting exam and met the licensing
requirement for a state.
Cash basis of accounting
Reporting income when the cash is received and expenses when the cash is paid.
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