Normal Size Small Size show me how
Accounting 9 Vocab.
|adjusting entries||journal entries recorded to update general ledger accounts at the end of a fiscal period.|
|permanent accounts||accounts used to accumulate information from one fiscal period to the next.|
|temporary accounts||accounts used to accumulate information until it is transfered to the owner's capital account.|
|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.|
|accounting cycle||the series of accounting activities included in recording financial information for a fiscal period.|