| A | B |
|---|
| Fiscal Period | the length of time for which a business summarizes and reports financial information. |
| Worksheet | a columnar accounting form used to summarize the general ledger information needed to prepare financial statement. |
| Trial balance | a proof of the equality of debits and credits in a general ledger. |
| Adjustments | Changes recorded on a worksheet 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. |
| Income statement | A financial statement showing the revenue and expenses for a fiscal period. |
| Net Income | The amount by which total revenue exceeds total expenses for the accounting period. |
| Net Loss | The amount by which total expenses exceed total revenue for the accounting period. |
| ruling | Drawing a line; a single rule (line) drawn under a column of figures indicates that the entries above the rule are to be added or subtracted. If an amount is a total and no further processing is needed, a dobule rule is drawn uner it. |
| Matching principle | Principle requiring that the expenses incurred in an accounting period are matched with revenue earned in the same period |
