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Accounting Vocabulary
100
The series of recording activities included in recording finacial informationfor a fiscal period.
What is the accounting cycle.
200
Accounts used to accumulate information from one fiscal period to 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
A trial balance prepared after the closing entriesare posted.
What is post-closing trial balance.
500
The percent relationship between one financial statement item and the total that includes that item.
What is component percentage.