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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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closing entries
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journal entries used to prepare accounts for a new fiscal period
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temporary acct.
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(also called nominalc acct.) includes the revenue, expense, and owner's drawing accts. plus the income summary acct.
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post-closing trial balance
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a trial balance prepared after the closing entries are posted
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accounting cycle
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the series of accounting activities included in recording financial information for a fiscal period
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