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Chapter 8
Question | Answer |
---|---|
Adjusting Entries | Journal entries recorded to update general ledger accounts, at the end of a fiscal period |
Temporary Accounts | They include revenue, expense, and owner's drawing accounts. |
Post-closing Trial Balance | A trial balance prepare after the closing entries are posted. |
Permanent Accounts | Accounts used to accumulate information from one fiscal period to the next. |
Closing Entries | Journal entries used to prepare temporary accounts for a new fiscal period. |
Accounting Cycle | The series of accounting activities included in recording financial information for a fiscal period. |