accounting one . chapter 8 terms
About this set
Created by:
rebeccarainwater on November 14, 2011
Log in to favorite or report as inappropriate.
Order by
6 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 |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.