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Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period

adjustments

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

balance sheet

The length of time for which a business summarizes and reports financial information.

fiscal period

A financial statement showing the revenue and expenses for a fiscal period.

income statement

The difference between total revenue and total expenses when total revenue is greater.

net income

The difference between total revenue and total expenses when total expenses are greater.

net loss

A proof of equality of debits and credits in a general ledger.

trial balance

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

work sheet