What are entries made at the conclusion of a fiscal period to update accounts called?

The entries made at the conclusion of a fiscal period to update accounts are known as adjusting entries. These entries are necessary to ensure that the financial statements accurately reflect the company's financial position at the end of the accounting period.

Adjusting entries typically include accruals and deferrals. Accruals recognize revenues that have been earned but not yet recorded, as well as expenses that have been incurred but not yet recorded. Deferrals, on the other hand, involve recognizing revenues or expenses that have been recorded but pertain to future accounting periods. This process ensures that the revenues and expenses are matched in the correct period, adhering to the accrual basis of accounting.

While closing entries are related to the end of a fiscal period, their primary purpose is to transfer the balances of temporary accounts to permanent accounts, rather than updating account balances based on accrued or deferred items. Correcting entries are used to amend errors found in the financial records. Reversing entries are typically made at the beginning of a new accounting period to simplify the recording of reversing transactions from the prior period, but they do not focus on adjusting for timing differences as necessary for the accurate presentation of financial statements.