Financial Statements-1
The area of accounting that focuses on reporting information to internal users.
Managerial Accounting
Accounts used to accumulate information from one fiscal period to the next.
Permanent Accounts
The area of accounting that focuses on reporting information to external users.
Financial Accounting
Journal entries used to prepare temporary accounts for a new fiscal period.
Closing Entries
A comparison between two components of financial information.
Financial Ratio
Accounts used to accumulate information until it is transferred to the owner's capital account.
Temporary Accounts
The calculation and interpretation of a financial ratio.
Ratio Analysis
A trial balance prepared after the closing entries are posted.
Post-Closing Trial Balance
Reporting an amount on a financial statement as a percentage of another item on the same financial statement.
Vertical Analysis
The series of accounting activities included in recording financial information for a fiscal period.
Accounting Cycle