What Is an ABC Assessment

question 6

Short Answer

What is an ABC assessment?

---

Definitions:

Adjusted Trial Balance

A report that lists all accounts and their balances after adjusting entries are made, ensuring that debits equal credits.

Closing Entries

The journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.

Adjusting Entries

Accounting entries recorded at the conclusion of a financial period to properly assign income and expenses to the period they truly relate to.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby preparing the accounts for the next period.