click below
click below
Normal Size Small Size show me how
Chapter 8
Vocab terms
Term | Definition |
---|---|
Adjusting entries | Journal entries recorded to update general accounts at the end of a fiscal period are called adjusting entries. |
temporary accounts | Accounts show changes in the owner's capital for a single fiscal period |
post-closing trial balance | Prepared after after the closing entries are posted |
permanent accounts | Accumulate information from one fiscal period to the next |
closing entries | Journal entries used to prepare temporary accounts for a new fiscal period |
accounting cycle | The series of accounting activities included in recording financial information for a fiscal period |