Accounting cycle adjusted trial balance adjusting entries closing entries closing spreadsheet (work sheet) current assets current liabilities current ratio end-of-period spreadsheet fiscal year income summary long-term liabilities natural business year note receivable owner's equity permanent assets post-closing trial balance property, plant, and equipment real accounts temporary accounts working capital A spreadsheet that managers and accountants may use to see the impact of adjustments on the financial statements. Cash and other assets that are expected to be converted to cash or sold or used up. usually within one year or less, through the normal operations of the business A customer's written promise to pay an amount and possibly interest at an agreed-upon rate. Liabilities that will be due within a short time (usually one year or less) and that are to be paid out of current assets. Liabilities that usually will not be due for more than one year. An account to which the revenue and expense account balances are transferred at the end of a period. The trial balance prepared after the closing entries have been posted. The annual accounting period adopted by a business. A fiscal year that ends when business activities have reached the lowest point in an annual operating cycle. The process that begins with analyzing and journalizing transactions and ends with the post-dosing trial balance. The entries that transfer the balances of the revenue, expense, and drawing accounts to the owner's capital account. The section of the balance sheet that includes equipment, machinery, buildings, and land. Accounts that report amounts for only one period. The excess of current assets over current liabilities. Computed by dividing current assets by current liabilities