| A | B |
|---|
| Component Percentage | The percentage relationship between one financial statement item and the total that includes that item. |
| Stakeholder | Any persons or groups who will be affected by an action. |
| Adequate Disclosure | Financial statements contain all information necessary to understand a business's financial condition. |
| Matching Expenses with Revenue | Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period. |
| Accounting Period Cycle | Changes in financial information are reported for a specific period of time in teh form of financial statements. |
| Going Concern | Financial statement are prepared with the expectation that a business will remain in operation indefinitely. |
| Accounting Cycle | The series of accounting activities included in recording financial ifnormation for fiscal period. |
| Adjusting Entries | Jorunal entries recorded to update general ledger accounts at the end of a fiscal period. |
| Permanent Accounts | Accoutns used to accumulate infomration from one fiscal period to the next. |
| Closing Entries | Journal entries used to prepare tempory accounts for a new fiscal period. |
| Posting-Closing Trial Balance | A trial balance prepared after the closing entries are posted. |
| Temporary Accounts | Accounts used to accumulate information until it is transferred to teh owner's capital account. |
