Leftovers
What is the column on the 10 column work sheet that shows accounts that need to be adjusted.
What is the Adjustment Column?
Assets = Liabilities + Owner's Equity
What is the accounting equation?
The final entries that are prepared after all adjustments have been journalized and posted to the general ledger accounts?
What are closing entries?
This account is only used during the closing process.
What is the Income Summary account?
The largest of the Great Lakes of North America.
What is Lake Superior?
The amount that both the Income Statement and the Balance Sheet columns will be out of balance on the 10 column work sheet.
What is Net Income or Net Loss?
Increases asset accounts, expense accounts, and the drawing account.
What is a debit?
Only these types of accounts are closed in the closing process.
What are Temporary (Nominal) accounts?
Step 3 in the closing process. (The third closing transaction)
What is close the Income Summary Account to the Owner's Capital Account?
Who said : “The only thing we have to fear is fear itself”?
Who is President Roosevelt?
The first financial statement prepared and reports the profitability of a business.
What is the Income Statement?
Assets that are expected to serve the business for many years.
What is Property, Plant, and Equipment? OR What are long-term assets?
Assets that will be converted into cash or consumed within one year or the normal operating cycle of the business, which ever is longer.
What are current assets?
Expense accounts in the closing process - DR or CR
CR
They "got around" in 1963, their first #1 hit.
Who are The Beach Boys?
The steps involved in Accounting for all of the business activities during an accounting period.
What is the Accounting Cycle?
What are the three activities listed on the Statement of Cash Flows?
What is operations, finance, and investment?
These types of accounts are never closed.
What are Permanent(Real) accounts?
The normal balance of the Income Summary account.
Why is neither DR or CR?
Why were there no Olympic games in 1940?
WW2
Tracks the changes in the owner's capital account.
What is the Statement of Owner's Equity?
Similar items are grouped together on this type of balance sheet.
What is a Classified Balance Sheet?
What is prepared after the closing entries are posted to the ledger?
What is the post-closing trial balance?
The last closing entry closes this account and takes the amount out of the owner's capital account.
What is the Drawing Account?
In the Lion King, Simba's uncle
Who is Scar?