ch 9
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10 terms
Terms | Definitions |
|---|---|
 accounting period cycle | wk sheet prepared at the end of each fiscal period to summerarize tje general ledger info needed to prepare |
| adjusting entries | journal entries recorded to update general ledger accounts at the end of a fiscal period. |
| adequate disclosure | financial statements are prepared from information on the work sheet. |
| permanent accounts | accounts used to accumulate info from one fiscal period to the next. |
| temporary accounts | accounts used to accumulate info 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 teh closing entries are posted. |
| accounting cycle | series of accounting activities included in recording financial information for a fiscal period. |
| withdrawals | assets taht the owner takes out of a business and which decrease the amount of owner's equity. |
| matching revenues with expenses | has a a up to date balance which is the supplies used during the fical period. |
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