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6 Cards in this Set
- Front
- Back
Adjusting entries
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Journal entries recorded to update general ledger accounts at the end of a fiscal period
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Permaneant Accounts
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Accounts used to accumulate information from one fiscal period to the next
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temporary accounts
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accounts used to accumulate info intil it is transfered to the owner's capital account
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Closing entries
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Journal entries used to prepare temporary accounts for a new fiscal period
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Post-closing trial balance
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A trial balance prepared after the closing entries are posed
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Accounting Cycle
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the series of accounting acativities included in recording financial information for a fiscal period
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