| A | B |
|---|
| adjustments | Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. |
| balance sheet | A financial statement that reports assets, liabilities, and owner's equity on a specific date. |
| fiscal period | The length of time for which a business summarizes and reports financial information. |
| income statement | A financial statement showing the 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 are greater. |
| trial balance | A proof of 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. |
