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Suppose that the bottom of an ocean floor is disrupted, and bits of algae along with other bottom-dwelling microorganisms are scattered about into the ocean water. Which organism would be able to take the best advantage of this temporary food source?
Permanent Accounts
The balance sheet accounts whose balances are carried over into future accounting periods, not closed at the end of the fiscal year.
Posting
The process of recording financial transactions to the appropriate accounts in the general ledger.
Adjusting Entries
Journal entries made in accounting records at the end of an accounting period to update the accounts for any accruals and deferrals that were not recorded during the accounting period.
Accounting Cycle
A series of steps performed during an accounting period, starting with recording transactions and ending with the preparation of financial statements.
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