Call Security

question 18

Multiple Choice

Call security

• A) italics
• B) question mark
• C) exclamation point
• D) period

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Definitions:

Net Loss

The amount by which expenses exceed revenues.

Adjustments

These are entries made in accounting to record expenses that have occurred but are not accurately represented in the financial statements at the end of the accounting period.

Journal

A detailed record where all financial transactions of a business are initially recorded before being summarized in the ledger.

Ledger

A ledger is a comprehensive collection of accounts used in accounting to record and summarize all financial transactions.