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A1C8
Accounting 1 Chapter 8
Term | Definition |
---|---|
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 |