Details Title: Accounting Chapter 7 & 8 Description: Vocab Total Flash Cards: 8 Created: 01/20/2009 12:00:23		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. 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.