| A | B |
|---|
| Adjustments | Changes recorded on a work sheet to update general ledger accounts at teh end of a fiscal period |
| Fiscal period | The length of time for which a business summarizes and reports financial information |
| Income statement | A financial statement showing teh revenue and expenses for a fiscal period |
| Net Income | The difference between total revenue and total expenses when total revenue is greater |
| Net Loss | The difference between total revenue and total expenses when total expenses is greater |
| Trial balance | A proof of the equality of debits and credits in a general ledger |
| Work sheet | A columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
| Matching Expenses with Revenue | Revenue from business activites and associated expenses are recorded in the same accounting period |
| Consistent Reporting | The same accounting procedures are followed in the same way in each accounting period |
| Accounting Period Cycle | Changes in financial information are reported for a specific period of time in the form of financial statements |
