| A | B |
|---|
| Journal entries recorded to update general ledger accounts at the end of a fiscal period. | adjusting entries |
| Accounts used to accumulate information until it is transferred to the next. | permanent accounts |
| Accounts used to accumulate information until it is transferred to the owner's capital account | temporary accounts |
| Journal entries used to prepare temporary accounts for a new fiscal period. | closing entries |
| A trial balance prepared after the closing entries are posted. | post-closing trial balance |
| The series of accounting activities included in recording financial information for a fiscal period. | accounting cycle |
| Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. | adjustments |
| The length of time for which a business summarizes and reports financial information. | fiscal period |
| The difference between total revenue and total expenses when total expenses is greater. | net loss |
| The difference between total revenue and total expenses when total revenue is greater. | net income |
