Accounting - Chapter 8
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Created by:
raydunavant on October 25, 2011
Subjects:
Classes:
DHSAccounting, Accounting O'Neil, EHS - Accounting 1
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6 terms
Terms | Definitions |
|---|---|
 accounting cycle | the series of accounting activities included in recording financial information for a fiscal period |
| adjusting entries | journal entries recorded to update general ledger accounts at the end of a 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 |
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