| A | B |
|---|
| fiscal period | the length of time for which a business summarizes and reports financial information |
| work sheet | an acct. form used to summarize general ledger info needed to prepare financial statements |
| trial balance | a proof of the equality of debits and credits in the general ledger |
| adjustments | changes recorded on a work sheet to update general ledger accts at the end of a fiscal period |
| net income | difference between total revenue and total expenses when total revenue is greater |
| net loss | difference between total revenue and total expenses when total expenses is greater |
| income statement | a financial statement showing the revenue and expenses for a fiscal period |
| Consistent Reporting | accounting procedures are followed in the same way in each accounting period |
