Details

Title: Accounting Chapter 7 & 8

Description: Vocab

Total Flash Cards: 8

Created: 01/20/2009 12:00:23

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Additional Accounting Flashcards

Cards in this set:

Term
Component percentage
 Definition
The percentage relationships between one financial statement item and the total that includes that item.
Term
 Definition
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.