| A | B |
|---|
| adjusting entries | Journal entries recorded to update general ledger accounts at the end of a fiscal period |
| permanent accounts | Accounts used to accumulate information from one fiscal period to the next |
| temporary accounts | Accounts used to accumulate information until it is transferred to the owner's capital account |
| closing entries | Journal entries used to prepare temporary accounts for a new fiscal period |
| post-closing trial balance | A trial balance prepared after the closing entries are posted |
| accounting cycle | The series of accounting activities included in recording financial information for a fiscal period |
| component percentage | The percentage relationship between one financial statement item and the total that includes that item |
| fiscal period | The length of time for which a business summarizes and reports financial information |
| trial balance | A proof of the equality of debits and credits in a general ledger |
| work sheet | A columnar accounting form used ot summarize the general ledger information needed to prepare financial statements |
