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component percentage the percentage relationship between one financial statement item and the total that includes that item. accounting cycle The series of accounting activities included in the recording financial information for a fiscal period. adjusting entries Journal entries recorded to update general ledger accounts at the end of the fiscal period. closing entries Journal entries used to prepare temporary accounts for a new fiscal period. permanent accounts Accounts used to accumulate information from one fiscal period to the next. post-closing trial balance A trial balance prepared after the closing entries are posted. temporary accounts Accounts used to accumulate information until it is transferred to the owner's capital account.