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6 Cards in this Set
- Front
- Back
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Adjusting Entries |
Journal emtries recorded to update general ledger accounts at the end of a fiscal period |
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Permanent Accounts |
Accounts used to accumulate information from one fiscal period to next. |
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Temporary Accounts |
Accounts used to accumulate information until it is transferred to the owner's capital account. |
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Closing Entries |
Journal entries used to prepare temporary account for a new fiscal period. |
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Post-closing Trial Balance |
A trial balance prepared after the closing entries |
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Accounting Cycle |
The series of accounting activities included in recording financial information for a fiscal period |
