Matdh th olowing staoments to the sporooi te Obligations that a company expects to pay after one year A part of owners' equity in a corporation. An optional tool which facilitates the preparation of financial statements. A temporary account used in the dlosing process. Balance sheet accounts whose balances are carried forward to the next period The average time that it takes to go from cash to cash in producing revenues Entries to correct errors made in recording transactions The exact opposite of an adjusting entry made in a previous period. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent stockholders' equity account. Assets that a company expects to pay or convert to cash or use up within one year Long-term lablities Permanent accounts Operating cydle Closing entries Correcting entries Reversing entry Worksheet Current assets Income Summary Common Stock