| A | B |
|---|
| The series of accounting activities included in recording financial information for a fiscal period. | Accounting Cycle |
| 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 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 blance |
| Accounts used to accumulate information from one fiscal period to the next. | Permanent Accounts |
| The length of time for which a business summarizes and reports financial information. | Fiscal Period |
| A proof of equality of debits and credits in a general ledger. | Trial Balance |
| A columnar accounting form used to summarize the general ledger information needed to prepare financial statements | Work Sheet |
| Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period. | Adjustments |
| A financial statement that reports assets, liabilities, and owner's equity on a specific date. | Balance Statement |
