Identify the Following Terms

question 77

Short Answer

Identify the following terms.
-the "four olds"

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Definitions:

Revenue Balances

Revenue Balances relate to the residue amounts retained from earned revenues after covering all operational expenses and costs.

Expense Balances

The remaining amounts in an organization's expense accounts after all expenditures for the accounting period have been accounted for.

Adjusted Trial Balance

A listing of all company accounts that will appear on the financial statements after year-end adjustments are made.

Income Statement

A financial statement that provides a summary of a company's revenues, expenses, and profits/losses over a specific period of time.