| A | B |
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| adjustments | changes recorded on a work sheet 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 |
| fiscal period | the length of time for which a business summarizes and reports financial information |
| 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 |
| trial balance | a proof of the equality of debits and credits in a general ledger |
| work sheet | a columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
