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Fiscal Period

3.03 Apply procedures to journalize adjusting and closing entries and prepare a post-closing trail balance for a departmentalized merchandising business. Fiscal Period. The length of time for which a business summarizes and reports financial information. Worksheet.

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Fiscal Period

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  1. 3.03 Apply procedures to journalize adjusting and closing entries and prepare a post-closing trail balance for a departmentalized merchandising business

  2. Fiscal Period The length of time for which a business summarizes and reports financial information

  3. Worksheet A columnar accounting form used to summarize the general ledger information needed to prepare financial statements

  4. Trail Balance A proof of the equality of debits and credits in a general ledger

  5. Adjusting Entries Journal entries recorded to update general ledger accounts at the end of the fiscal period

  6. Closing Entries Journal entries used to prepare temporary accounts for a new fiscal period

  7. Post-closing trail balance A trial balance that is prepared after the closing entries are posted to verify equality of debits and credits when preparing for the next fiscal period

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