Final answer:
The changes resulting from business transactions during a fiscal period can be summarized through the financial statements - the income statement and the balance sheet.
Step-by-step explanation:
The changes resulting from business transactions during a fiscal period can be summarized through the financial statements. The two main financial statements that summarize these changes are the income statement and the balance sheet. The income statement shows the revenues, expenses, and net income or loss for the period, while the balance sheet shows the assets, liabilities, and owner's equity at a specific point in time.
For example, if a business earns more revenues than expenses during the fiscal period, it will show a net income on the income statement. This would increase the owner's equity on the balance sheet. On the other hand, if a business incurs more expenses than revenues, it will show a net loss on the income statement, decreasing the owner's equity.