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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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Permanent accounts
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Accounts used to accumulate info from one fiscal period to the next
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Temporary accounts
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Accounts used to accumulate info until it is transferred 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 posted
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Accounting cycle
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Series of accounting activities included in recording financial info for a fiscal period
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