| A | B |
|---|
| permanent accounts | Accounts used to accumulate information frome one fiscal period to the next. |
| accounting cycle | The series of accounting activities included in recording financial information for a fiscal period. |
| temporary accounts | Accounts used to accumulate information until itt is transferred to the owner's capital account. |
| post-closing trial balance | A trial balance prepared after the closing entries are posted. |
| adjusting entries | Journal entries recorded to update general ledger accounts at the end of a fiscal period. |
| closing entries | Journal entries used to prepare temporary accounts for a new fiscal period. |
| Matching Expenses with Revenue | Revenue from business activities and expenses associated with earning that revenue are recorded in the same fiscal period |
| Accounting Period Cycle | The series of accounting activities included in recording financial information for a fiscal period |
