Term
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Definition
| Journal entries recorded to update general ledger accounts at the end ofa fiscal period. |
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Term
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Definition
| Accounts used to accumulate information from one fiscal period to the next. |
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Term
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Definition
| Journal entries used to prepare temporary accounts for a new fiscal period. |
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Term
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Definition
| Accounts used to accumulate information until it is transferred to the owner's capital account. |
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Term
| post-closing trial balance |
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Definition
| A trial balance prepared AFTER the closing entries are posted. |
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Term
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Definition
| The series of accounting activities included in recording financial information for a fiscal period. |
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