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Accounting Unit 8

TermDefinition
Permanent Accounts Accounts used to accumulate information from one fiscal period to the next
Closing Entries Journal entries used to prepare temporary accounts for a new fiscal period
Post-Closing Trial Balance A trial balance prepared after the closing entries are posted.
Temporary Accounts Accounts used to accumulate information until it is transferred to the owner’s capital account
Accounting Cycle The series of accounting activities included in recording financial information for a fiscal period
Audit An examination of financial records, accounts, and supporting documents to check their accuracy
Public Accounting Firm An accounting business that helps other businesses with accounting issues.
Auditor The accountant who conducts the audit
Audit Trail A paper or electronic path that provides a documented history of a transaction.
Created by: boniceth000
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