| A | B |
|---|
| fiscal period | The lenght of time for which a business fummarizes and reports financial information. |
| work sheet | A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. |
| trial balance | A proof of the equality of debits and credits in a general ledger. |
| adjustments | Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. |
| income statement | A financial statment showing the revenue and expenses for a fiscal period. |
| net loss | The difference between total revenue and total expenses when total expenses is greater. |
| net income | The difference between total revenue and total expenses when total revenue is greater. |
| accounting period cycle | Changes in financial information are reported for a specific period of time in the form of financial statements. |
| consistent reporting | The same accounting procedures are followed in the same way in each accounting period. |
| matching expenses with revenue | Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period. |
