CH8: Identifying Accounting Terms

Front

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

Back

Accounting cycle

Front

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

Back

Adjusting entries

Front

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

Back

Closing entries

Front

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

Back

Permanent accounts

Front

A 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