Accounting

Adjusting/Closing Entries

100

Where must the information for an adjusting entry be recorded?

What is a journal

200

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

What is a permanent account

300

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

What is a closing entry

400

Accounts used to accumulate information until it is transferred to the owners capital account

What is a temporary account

500

temporary accounts are referred as

What is a nonimal account

Accounting Vocabulary

100

Planning, recording, analyzing, and interpreting financial information

What is accounting

200

Anything of value that is owned

What is an asset

300

an amount owed by a business

What is a liability

400

Assets= Liabilities+Owners Equity

What is the accounting equation