accounting study guide chapter 8 accounting terms

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 equity capital account