| A | B |
|---|
| Adjustments | Changes recorded on a work sheet to update general ledger accoutns 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 (accounting period). |
| Income Statement | A financial statement showing the revenue and expenses for a fiscal period. |
| Net Income | The differences between total revenue and total expense when total revenue si greater. |
| Net Loss | The difference between total revenue and total expenses when total expenses are 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. |
| Consistent Reporting | The same accounting procedures are followed in the same way in each accounting period. |
