Shared Flashcard Set

Details

Title

chapter 6

Description

closing entries && postclosing trial balance

Total Cards

Subject

Accounting

Level

12th Grade

Created

10/05/2011

Click here to study/print these flashcards.

Create your own flash cards! Sign up here.

Additional Accounting Flashcards

Term

closing entries

Definition

journal entries that [transfer results of net income/loss to OE] [reduce revenue-expenses-drawing account balances to zero]

Term

income summary account

Definition

OE account used only in closing process
-summarize results of operations

Term

postclosing trial balance

Definition

prove the equality of total debits && credits

Term

interpret

Definition

understand && explain the importance of into in accounting reports