A fiscal period consisting of 12 consecutive months

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

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

Cash Paid for an expense in one fiscal period that is not used until a later period

Reporting Income when it is earned and expenses when they are incurred

Reporting Income when cash is received and expenses when cash is paid

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

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

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

The Difference between total revenue and total expenses when total revenue is greater

The Difference between total revenue and total expenses when total expenses is greater

Journal Entries recorded to update general ledger accounts at the end of a fiscal period