Events
Entries
Inventory System
Recognition of Revenue
Cash Affect on Financial Statement
100
any event that would impact the account balances of a company's financial statements
What is Accounting Event
100
prepared to zero-out income statement accounts and transfer their balances to owners’ equity (retained earnings in a corporation)
What is Closed Entries
100
a system of inventory in which updates are made on a periodic basis
What is Periodic Inventory System
100
Revenue is recognized when earned regardless of ____
What is cash payment
100
The owner, LaRee, deposited $20,000 into the bank and set up an accounting for the company.
What is Assets increase; owner’s equity increase
200
an event where there is only planning and there is no impact on the account balances of a company's financial statements
What is Business Event
200
prepared to adjust the accounting records for internal events prior to preparing financial statements
What is Adjusting Entries
200
systems of trading stock where information on inventory quantity and availability is updated on a continuous basis as a function of doing business
What is Perpetual Inventory System
200
We provide a service for a client who will pay us next period.
What is Revenue Recognized
200
A one-year, 12%, bank loan for $5,000 was obtained
What is Assets increase; liabilities increase
300
the selling of a product and receiving payment from a customer is what type of event
What is Accounting Event
300
common stock, preferred stock, retained earnings, and treasury stock are some examples of which account
What is Permanent Account
300
an accounting procedure when a purchase is recorded at a gross amount (regardless of cash discounts)
What is Gross Price Method
300
A client pays us in advance for services to be provided next period
What is Unearned Revenue
300
Equipment costing $12,000 with an estimated useful life of 10 years was purchased for cash.
What is Assets increase, assets decrease
400
record or audit trail about a change to a revenue schedule
What is Revenue Event
400
purchases, purchases discounts, purchases returns and allowances are examples of which account
What is Temporary Account
400
an accounting procedure when a purchase is recorded at the net price after cash discount(s)
What is Net Price Method
400
We provide, and are paid for, services
What is Revenue Earned
400
What does LIFO stand for
What is Last in First out
500
record or audit trail about a change to a expense schedule
What is Expense Event
500
What is another name given to closing entries
What is Journal Entries
500
Inventory valuation method based on the acquisition cost (invoice price of the purchases less discounts plus transportation)
What is Cost Method
500
what is another name for revenues earned (gross price)
What is a Sale
500
What does FIFO stand for
What is First in First Out
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