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Accounting Chapter 7 & 8
Vocab
8
Accounting
9th Grade
01/20/2009

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Cards

Term
Component percentage
Definition
The percentage relationships between one financial statement item and the total that includes that item.
Term
Adjusting Entries
Definition
Journal entires recorded to update general ledger accounts at the end of a fiscal period.
Term
Permanent Accounts
Definition
Accounts used to accumulate information from one fiscal period to the next
Term
Temporary Accounts
Definition
Accounts used to accumulate informtion until it is transferred to the owner's capital account.
Term
Closing Entries
Definition

Journal entries used to prepare temporary accounts for a new fiscal period

Term
Post Closing Trial Balance
Definition
A trial balance prepared after the closing entries are posted.
Term
Accounting Cycle
Definition
The series of accounting activities included in recording financial information for a fiscal period.
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