Chapter 8 Vocab

Question 1

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

Answer 1

Accounting cycle

Question 2

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

Answer 2

Temporary accounts

Question 3

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

Answer 3

Adjusting entries

Question 4

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

Answer 4

Closing entries

Question 5

A trial balance prepared after the closing entries are posted

Answer 5

Post-closing trial balance

Question 6

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

Answer 6

Permanent accounts