Accounting Cycle
| Description: | Parson - Chp 10 Completing the Accounting Cycle |
| Category: | Accounting |
| Created by: | yparson on 2009-09-01 |
| Question | Answer |
| Closing entries | journal entries made to close, or reduce to zero, the balances in the temporary capital accounts. |
| Income Summary Account | The account in the general ledger used to summarize the revenue and expenses for the fiscal period. |
| Compound entry | a journal entry with two or more debits or two or more credits. |
| Post-closing trial balance | Prepared to verify that total debits equal total credits after closing entries are posted. |
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