| A | B |
|---|
| Fiscal Period | The length of time for which a business summaries and reports financial information. |
| Work sheet | A columnar accounting form used to summarize e general ledger information needed to prepare financial information. |
| Trial Balance | A prof of equality of debits and credits in a general ledger. |
| Adjustments | Changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period. |
| Income Statement | A financial report showing the revenue and expenses for a fiscal period |
| Net Income | The differences between total revenue and total expenses when revenue is greater. |
| Net Loss | The differences between total revenue and total expenses when expenses is greater. |
| Income Summary | A temporary account used to close revenues and expenses general ledger accounts. |
