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Accounting 9 Vocab.
Vocabulary
Question | Answer |
---|---|
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. |