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chapter 9 vo

chapter nine vocabulary

QuestionAnswer
Adjusting entries A bookkeeping entry made at the end of an accounting period to assign income and expenses to a different period.
Permanent account real accounts. Accounts that do not close at the end of the accounting year. The permanent accounts are all of the balance sheet accounts (asset accounts, liability accounts, owner's equity accounts) except for the owner's drawing account.
Temporary account temporary accounts are also known as nominal accounts. These are general ledger accounts that are closed to retained earnings at the end of an accounting period. They are usually income statement account
Closing entries A journal entry made at the end of the accounting period. The closing entry is used to transfer data in the temporary accounts to the permanent balance sheet or income statement accounts
Post closing trial balance prepared after closing entries have been posted to respective ledger accounts. Its objective is to test whether total debits equal total credits for all real (permanent) accounts, prior to beginning a new accounting period.
Accounting cycle The sequence of six steps in the processing of financial transactions (from the time they occur to their inclusion in financial statements) pertaining to an accounting period.
Created by: patsyherrera