Accounting 1 Ch. 8
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Created by:
HasaanMcSween on March 24, 2011
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7 terms
Terms | Definitions |
|---|---|
 Adjusting entries | Journal entries recorded to update general ledger accounts at the end of a fiscal period |
| Permanent Accounts | accounts used to accumulate information from one fiscal period to the next |
| Temporary Accounts | accounts used to accumulate information until it is transferred to the owner's capital account |
| Closing Entries | Journal entries used to prepare temporary accounts for a new fiscal period |
| Post-closing trial balance | A trial balance prepared after the closing entries are posted |
| Accounting cycle | the series of accounting activities included in recording financial information for a fiscal period |
| Income Summary | 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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