| A | B |
|---|
| fiscal period | length of time for which a business summarizes and reports financial information |
| work sheet | columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
| trial balance | proof of the equality of debits and credits in the 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 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 |
| Consistent Reporting | This is being applied when the same accounting procedures are followed in the same way in each accounting period |
| Accounting Period Cycle | Is being applied when changes in financial information are reported for a specific period of time in the form of financial statements |
| Heading | Three line beginning to a worksheet |
