| A | B |
|---|
| permanent accounts | Accounts used to accumulate information from one fiscal period to the next. |
| temporary accounts | Accounts used to accumlate information until it is transferred to the owner's capital account. |
| closing entries | Journal entries used to prepare temporary accounts for a new fiscal perid. |
| 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. |
| Accounting Period Cycle | Which accounting concept applies when a work sheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statments? |
| after the closing entries are posted | The accounts listed on a post-closing trial balance are general ledger accounts with balances ____. |
| adjusting entries | Journal entries recorded to update general ledger accounts at the end of a fiscal period. |
| on hand at the end of the fiscal period | After adjusting entries are posted, the supplies account balance will be equal to the cost of the supplies ____. |
| credit balance | When revenue is greater than total expenses, resulting in a net income, the income summary account has a ----. |
| a temporary account | Income Summary is ___. |
| balance sheet | After the closing entries are posted, the owner's capital account balance should be the same as shown on the ____. |
| work sheet's Adjustments columns | Information needed for journalizing the adjusting entries is obtained from the ____. |
