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Chapter 8 K
Terms from Chapter 8
Question | Answer |
---|---|
Journal entries recorded to update general ledger accounts at the end of a fiscal period. | Adjusting Entries |
Accounts used to accumulate information from one fiscal period to the next. | Permanent Accounts |
Journal entries used to prepare temporary accounts for new fiscal period. | Temporary Accounts |
Accounts used to accumulate information until it is transferred to the owners capital account. | Closing Entries |
A trial balance prepared after the closing entries are posted. | Post-closing trial balance |
The series of accounting activities included in recording financial information for a fiscal period. | Accounting Cycle |