Accounting I- ch 8 vocab

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

• audit
• accounting cycle
• audit trail
• temporary accounts

An examination of financial records, accounts, and supporting documents to check their accuracy.

• nominal accounts
• permanent accounts 
• audit
• temporary accounts

A paper or electronic path that provides a documented history of a transaction.

• paper trail
• audit trail
• audit 
• none of the above

The accountant who conducts the audit.

• certified public accountant
• staff accountant
• cost accountant
• auditor

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

• closing entries
• opening entries
• entries
• post closing entries

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

• solid accounts
• nominal accounts
• permanent accounts
• accounts

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

• temporary accounts
• nominal accounts 
• permanent accounts
• good accounts

Trial balance prepared after the closing entries are posted.

• closing trial balance
• post-closing trial balance
• closing balance
• trial balance

An accounting business that helps other businesses with accounting issues.

• public accounting firm
• accountants
• selective accounting business
• insurance accounts

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

• temporary accounts
• current accounts
• closed accounts
• capital accounts