level: Terms 6-10
Questions and Answers List
level questions: Terms 6-10
| Question | Answer |
|---|---|
| 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. |