Sections:

The Accounting Worksheet, Page 20

Key Terms

The key terms used in the section are listed below: 

  • Worksheet: A worksheet records all business transactions and is used to prepare the financial statement of a business organization. 
  • Ruling: Ruling means drawing a line after recording all the ledger accounts in the trial balance. 
  • Trial Balance: The trial balance can be prepared at the end of the accounting period, or whenever required. 
  • Net Income: Net income is the amount of revenue that remains after the expenses for the same period are deducted. 
  • Balance Sheet: The balance sheet contains a list of assets, liabilities, and owner’s equity accounts.