| A | B |
|---|
| Fiscal period | The length of time for which a business summarizes and reports financial information |
| Adjusting entries | Journal entries recorded to update general ledger accounts at the end of the fiscal period |
| Closing entries | Journal entries used to prepare temporary accounts for a new fiscal period |
| Post-Closing Trial Balance | A trial balance that is prepared after the closing entries are posted to verify equality of debits and credits when preparing for the next fiscal period |
| Worksheet | 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 |
