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6 Cards in this Set
- Front
- Back
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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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Permanent 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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- Account used to accumulate information until it is transferred to the owner's capital account.
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Closing entries
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- Journal entires used to prepare temporary accounts for a new fiscal period.
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Post-closing trail balance
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- Trial balance prepared after the closing entries are posted.
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Accounting cycle
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- Series of accounting activities included in recording financial information for a fiscal period.
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