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Miguel CH 9
voc. chapter 9
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 transferred 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 activites inclueded in recording financial information for a fiscal period. |