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Accounting Chapter 8 Matching
Accounting Cycle
the series of accounting activities for a one month fiscal period
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
Temporary Accounts
accounts used to accumulate information until it is transferred to the owner's capital account
Post-Closing Trial Balance
a trial balance prepared after closing entries are posted
Adjusting Entries
journal entries recorded to update general ledger accounts at the end of the fiscal period
Accounting Cycle
the series of accounting activities for a one month fiscal period
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
Temporary Accounts
accounts used to accumulate information until it is transferred to the owner's capital account
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