A proof of the equality of debits and credits in a general ledger is a trial balance.

Net loss means the company did not make any money that period.

Work sheets are temporary and should be done in pencil

Net Income = Revenue - Expenses

If an amount is written in an incorrect column on a work sheet, the error can not be erased.

A financial statement that reports assets, liabilities, and owner's equity on a specific date is an income statement.

An Income statement is the set of columns you extend Revenue and Expenses to on the work sheet.

When doing a work sheet, Supplies on Hand is the number that goes in the Adjustments column

Net Loss = Expenses - Revenues

The Debit and Credit columns of the Trial balance should be the same (should balance).

Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period are adjustments.

A Balance Sheet is the set of columns you extend Assets, Liabilities, and Owner's Equity to on a work sheet.

When entering an adjustment in the Supplies credit column, the contra account you use is the Supplies Expense account (debit column)

Net Income = Balance Sheet Credit - Balance Sheet Debit

The Credit and Debit columns of the Balance Sheet should balance prior to adjusting for Net Income / Net Loss.

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is a balance sheet

Trial balance numbers are based on the running balance totals in the General Ledger

If you have an amount in Supplies debit and an adjustment in Supplies Credit, you add the two together to find the Balance sheet amount.

Net Loss never occurs

If a difference of 1 (.01, .10, 1.00, 10.00, etc) it is due to an transposed number error.

Net income is when revenues are greater than expenses.

Fiscal Periods absolutely have to be 1 month long

It is easy to get some Expense account amounts in Credit when they really belong Debit on the Income Statement

Net Income is a row you have to add to the work sheet below the Account Titles and the Total rows

On the Trial Balance, only accounts with balances are recorded.