Vocab - Words
Worksheet
Financial Reports
Adjusting Entries
Closing Entries
100
Any persons or groups who will be affected by an action.
What are Stakeholders?
100
When revenues are greater than expenses in the income statement column.
What is Net income?
100
Report that shows revenues, sales and income/loss?
What is Income Statement?
100
The other account that is affected with supplies is adjusted.
What is supplies expense?
100
Temporary accounts begin each new fiscal period with a
What is zero balance?
200
Journal entries recorded to update the general ledger accounts at the end of a fiscal period
What are Adjusting Entries?
200
The account totals listed in the balance sheet columns
What is Assets, Liabilities and Owners Equity?
200
Formula to calculate owner's equity on the balance sheet report
What is Capital-Drawing+net income or - net loss?
200
Where are adjusting entries first planned?
What is the worksheet?
200
Information needed for closing entries is found in the
What is Income Statement and Balance Sheet columns of the worksheet?
300
Used to accumulate information from one fiscal period to the next
What are Permanent Accounts?
300
Adjustments
What is changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period.
300
The report created on one specific date
What is the Balance Sheet?
300
What is used in place of source document when journalizing adjusting entries?
What is the title Adjusting Entries?
300
The journal entry to close the expense accounts is
What is debit to income summary and credit to all expense accounts?
400
The percentage relationship between one financial statement item and the total that includes that item.
What is component percentage?
400
The header of a worksheet includes:
What is business name, report name and date.
400
Report created after adjusting and closing entries?
What is Post-Closing Trial Balance?
400
The adjusting entry for prepaid insurance used in a month?
What is Debit to Insurance Expense and Credit to Prepaid Insurance?
400
Which accounting concept applies when expenses are reported in the same fiscal period that they are used to produce revenue?
What is Matching Expenses with Revenue?
500
The series of accounting activities included in recording financial information for a fiscal period.
What is Accounting Cycle?
500
The four sections or columns of a worksheet
What is trial balance, adjustments, income statement and balance sheet?
500
What step of the accounting cycle are financial reports created.
What is step 5?
500
After the adjusting entry for Supplies has been posted, Supplies Expense has an up-to-date balance, which is the
What is amount of supplies used in the month?
500
The balances of all temporary accounts are eventually summarized and transferred to
What is the capital account?
M
e
n
u