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8 terms

Chapter 7 & 8 (9E)

STUDY
PLAY
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.
stakeholders
Any persons or groups who will be affected by an action.