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6 Cards in this Set

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Adjusting Entries

- journal entries recorded to update general ledger accounts at the end of a fiscal period.

Permanent Accounts

- accounts used to accumulate information from fiscal period to the next.

Temporary Accounts

- accounts used to accumulate information until it's transferred to the owner's capital account

Closing Entries

- journal entries used to prepare temporary accounts for a new fiscal period.

Post-closing Trial Balance

- a trial balance prepared after the closing entries are posted.

Accounting Cycle

- the series of accounting activities included in recorded financial information for a fiscal period.