The procedure that starts with analyzing and also journalizing transactions and ends via the post-closing trial balance. (162)


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Another name for the revenue summary account because it has actually the effect of clearing the revenue and expense accounts of their balances. (157)
The entries that transport the balances of the revenue, price, and also drawing accounts to the owner"s resources account. (157)
The procedure of carrying short-term accounts balances to permanent accounts at the end of the accounting period. (157)
Cash and other assets that are supposed to be converted to cash or sold or used up, usually within one year or less, with the normal operations of the company. (155)
Liabilities that will certainly be due within a brief time (usually one year or less) and that are to be paid out of current assets. (155)
Long-term or relatively long-term tangible assets such as devices, machinery, and also structures that are offered in the normal service operations and that depreciate over time. (116, 155, 404)
An account to which the revenue and also cost account balances are moved at the end of a period. (157)
A fiscal year that ends once service tasks have got to the lowest allude in an annual operating cycle. (174)
A customer"s composed promise to pay an amount and also probably interemainder at an agreed-upon rate. (155, 360)
Term for balance sheet accounts bereason they are reasonably irreversible and brought forward from year to year. (156)
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MyAccountingLab via Pearboy eText -- Instant Access -- for Financial Accountingninth EditionCharles T. Horngren
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