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6 Cards in this Set
- Front
- Back
adjusting entries
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journal entries recorded to update general ledger accounts at the end of a fiscal period
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permanent accounts
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accounts used to accumulate information from one fiscal period to the next
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temporary accounts
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accounts used to accumulate information until it is transferred to the owner's capital account
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closing entries
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journal entries used to prepare temporary accounts for a new fiscal period
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post-closing trial balance
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a trial balance prepared after the colsing entries are posted
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accounting cycle
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the series of accounting activities included in recording financial information for a fiscal period
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