Examlex
Please define the following key terms. Show Who? What? Where? When? Why Important?
-John Locke
Revenue and Expense Account Balances
Represents the amounts recorded in the financial statements for income earned and costs incurred by a company during a reporting period.
Adjusting Entry
A journal entry made at the end of an accounting period to allocate revenue and expenses to the correct periods.
Earnings Per Share
A financial metric calculated by dividing the net earnings available to common shareholders by the average outstanding shares.
Fiscal Year
A fiscal year is the 12-month period used by governments and businesses for accounting and financial reporting purposes, which may not coincide with the calendar year.
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