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