Accounting
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| Accounting cycle | Recurring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trial balance (or reversing entries).
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| Classified balance sheet | Balance sheet that presents assets and liabilities in relevant subgroups, including current and non-current classifications.
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| Closing entries | Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, gain, expense, loss, and withdrawal (dividend for a corporation) accounts to the capital account (to retained earnings for a corporation).
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| Closing process | Necessary end-of-period steps to prepare the accounts for recording the transactions of the next period.
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| Current assets | Cash and other assets expected to be sold, collected, or used within one year or the company's operating cycle, whichever is longer.
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| Current Liabilities | Obligations due to be paid or settled within one year or the company's operating cycle, whichever is longer.
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| Current ratio | Ratio used to evaluate a company's ability to pay its short-term obligations, calculated by dividing current assets by current liabilities.
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| Income summary | Temporary account used only in the closing process to which the balances of revenue and expense accounts (including any gains or losses) are transferred; its balance is transferred to the capital account (or retained earnings for a corporation).
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| Intangible assets | Long-term assets (resources) used to produce or sell products or services; usually lack physical form and have uncertain benefits.
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| Long-term investments | Long-term assets not used in operating activities such as notes receivable and investments in stocks and bonds.
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| Long-term liabilities | Obligations not due to be paid within one year or the operating cycle, whichever is longer.
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| Operating cycle | Normal time between paying cash for merchandise or employee services and receiving cash from customers.
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| Permanent accounts | Accounts that reflect activities related to one or more future periods; balance sheet accounts whose balances are not closed; also called real accounts
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| Post-closing trail balance | List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.
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| Pro forma financial statements | statements that show the effects of proposed transactions and events as if they had occurred.
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| Reversing entries | Optional entries recorded at the beginning of a period that prepare the accounts for the usual journal entries as if adjusting entries had not occurred in the prior period.
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| Temporary accounts | Accounts used to record revenues, expenses, and withdrawals (dividends for a corporation); they are closed at the end of each period; also called <i>nominal accounts
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| Unclassified balance sheet | Balance sheet that broadly groups assets, liabilities, and equity accounts.
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| Working papers | Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.
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| Work sheet | Spreadsheet used to draft an un-adjusted trial balance, adjusting entries, adjusted trial balance, and financial statements.
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