| A | B |
|---|
| Fiscal period | Length of time for reporting financial information |
| Adjustments | Account changes on a work sheet |
| Net income | Revenue is greater than expenses |
| Temporary | Accounts that are closed at the end of a fiscal period |
| Trial balance | Proof of a general ledger |
| Permanent | Accounts that carry balances through fiscal periods |
| Accounting cycle | Accounting activities for a fiscal period |
| Adjusting | Entries for updating accounts |
| Income statement | A statement of revenue and expenses |
| Net loss | Expenses are greater than revenue |
| Component percentage | Relationship between an item and the total that includes it |
| Closing | An entry for temporary accounts |
| Work sheet | Used to summarize general ledger information |
