Temporary Accounts:Temporary accounts are the income statement accounts that are closed at the end of the accounting period and their balances are reset to zero for the next period.
Post-Closing Trial Balance:A post-closing trial balance is prepared after all temporary accounts have been closed, leaving only the permanent accounts on the balance sheet.
Accounting Cycle:The accounting cycle is the series of steps an organization takes to record and summarize its financial transactions, culminating in the preparation of financial statements.