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level: Terms 1-5

Questions and Answers List

level questions: Terms 1-5

QuestionAnswer
Account formata balance sheet format that lists the assets on the left and the liabilities and equity on the right, similar to the accounting equation.
Balance Sheeta financial statement that reports assets, liabilities and owners equity on a specific date.
Fiscal periodthe length of the accounting cycle for which a business summarises and reports financial information.
Income Statementa financial statement that reports the revenue and expenses for a fiscal period.
Netthe amount remaining after all deductions have been made.