Accounting 4.05 Vocabulary

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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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Adjusting Entries

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Journal entries recorded to update general ledger accounts at the end of the fiscal period

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Closing Entries

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Journal entries that prepare temporary accounts for a new fiscal period

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Income Summary Accounts

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A temporary account used to accumulate and summarize the closing entries for the revenue and expense accounts for a fiscal period

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Permanent Accounts

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Accounts used to accumulate information from one fiscal period to another

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Post-closing Trial Balance

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The accounting form prepared to ensure that debits equal credits after closing entries are posted

Lists only those accounts that have a balance

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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