Assets
Statements
Adjustments
Closing Entries
Hodge - Podge
100
This decreases the cash balance
What is a Credit
100
Accumulated Depreciation appears on this statement
What is Balance Sheet
100
Aligning expenses with revenue generated in same period is called this
What is the Matching Concept
100
Accounts that are zeroed out at closing are called by two names
What is temporary and nominal
100
The equality that must be maintained for every transaction recorded is
What is Debits = Credits
200
The most liquid asset
What is Cash
200
Unearned Revenue appears on this section of this statement
What is the Liability section of the Balance Sheet
200
Fixed Assets written off during their useful life is this
What is Depreciation
200
Balance Sheet accounts are carried forward and are known by these two names
What is permanent and real
200
A business with a fiscal year beginning on March 1 will end on this date
What is Feb 28
300
This asset is never depreciated
What is Land
300
Gross Income less expenses
What is Net Income
300
Payment received in advance before services are provided is this
What is Unearned Revenue
300
An account that is created only for closing purposes is this
What is the Income Summary account
300
All financial statements are prepared in accordance with these principles
What is Generally Accepted Accounting Principles (GAAP)
400
Fixed Assets less Accumulated Depreciation gives us this
What is Net Book Value
400
Assets less Liabilities
What is Owner's Equity
400
Services completed but yet to receive payment is this
What is Accrued Revenues
400
Closing out Revenue involves these two entries
What is Debiting Revenue and Crediting Income Summary
400
A business with a calendar fiscal year will run on these dates
What is Jan 1 to Dec 31
500
Unexpired expenses are reported as this
What is Prepaid Expenses
500
The 3 items that appear on the Owner's Equity Statement
What is Capital, Withdrawals, and Net Income/Loss
500
Almost every business incurs this adjusting entry as a payable
What is Wages Payable
500
The Owner's Equity for new fiscal year is derived from this account
What is the Capital account
500
All public companies have to adhere to rules set forth by this government body
What is the Securities and Exchange Commission (SEC)
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