Accounting Lesson 8.1 Vocabulary

Front

The series of accounting activities included in recording financial information for a fiscal period.

Back

accounting cycle

Front

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

Back

closing entries

Front

Accounts used to accumulate information until it is transferred to the owner’s capital account aka..temporary accounts.

Back

nominal accounts

Front

Accounts used to accumulate information from one fiscal period to the next.

Back

permanent accounts

Front

Trial balance prepared after the closing entries are posted.

Back

post-closing trial balance

Front

Accounts used to accumulate information until it is transferred to the owner’s capital account.

Back

temporary accounts