1. Accounting Cycle
The accounting cycle is the process of recording, classifying, and summarizing financial transactions to provide...
2. Journal Entries
Journal entries are the first step in the accounting cycle and are used to record...
3. Ledger Accounts
A ledger account is a record of financial transactions that relate to a specific asset,...
4. Trial Balance
A trial balance is a financial statement that lists the balances of all the ledger...
5. Adjusted Trial
An adjusted trial balance is a financial statement that lists the balances of all the...
6. Unadjusted Trial Balance
An unadjusted trial balance is a financial statement that lists the balances of all the...
7. Adjusting Entries
Adjusting entries are entries made in the accounting records at the end of an accounting...
8. Closing Entries
Closing entries, also known as closing the books, are journal entries made at the end...
9. Post-Closing Trial Balance
A post-closing trial balance is a report that lists the balances of all permanent accounts...
10. Income Summary Account
The income summary account is a temporary account that is used in the closing process...