Chapter 8

Question 1

accounting cycle

Answer 1

the series of accounting activities included in recording financial information for a fiscal period

Question 2

the series of accounting activities included in recording financial information for a fiscal period

Answer 2

accounting cycle

Question 3

adjusting entries

Answer 3

journal entries recorded to update general ledger accounts at the end of a fiscal period

Question 4

journal entries recorded to update general ledger accounts at the end of a fiscal period

Answer 4

adjusting entries

Question 5

closing entries

Answer 5

journal entries used to prepare temporary accounts for a new fiscal period

Question 6

journal entries used to prepare temporary accounts for a new fiscal period

Answer 6

closing entries

Question 7

permanent accounts

Answer 7

accounts used to accumulate information from one fiscal period to the next

Question 8

accounts used to accumulate information from one fiscal period to the next

Answer 8

permanent accounts

Question 9

post-closing trial balance

Answer 9

a trial balance prepared after the closing entries are posted

Question 10

a trial balance prepared after the closing entries are posted

Answer 10

post-closing trial balance

Question 11

temporary accounts

Answer 11

accounts used to accumulate information until it is transferred to the owner’s capital account

Question 12

accounts used to accumulate information until it is transferred to the owner’s capital account

Answer 12

temporary accounts