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5 Cards in this Set
- Front
- Back
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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Accounts 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 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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The series of accounting activites included in recording financial information for a fiscal period
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