A trial balance prepared after the closing entries are posted.
What is a Post-Closing Trial Balance?
100
An equation showing the relationship among assets, liabilities, and owner's equity
What is the accounting equation?
100
The last step of the posting process...
What is placing the account number in the post reference column of the journal?
100
Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept...
What is Accounting Period Cycle
100
How do temporary accounts begin each fiscal period?
What is with a zero balance?
200
A business owned by one person...
What is a Proprietorship?
200
An increase in owner's equity resulting from the operation of a business
What is revenue?
200
When is the petty cash fund replenished?
What is at the end of the month?
200
Making adjustments to general ledger accounts is an application of what accounting concept?
What is Matching Expenses with Revenue
200
What is the journal entry to close sales?
What is a Sales Debit and Income Summary Credit?
300
An accounting device used to analyze transactions
What is a T account?
300
Transferring information from a journal entry to a ledger account
What is posting?
300
On a Work Sheet, the balance of the Sales account is extended to the ...
What is the Income Statement Credit Column?
300
Following the same accounting procedures in the same way in each accounting period is an application of the accounting concept...
What is Consistent Reporting?
300
What is the journal entry to close the expense accounts?
What is a Debit to Income Summary and a credit for each expense account?
400
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements
What is a Work Sheet?
400
Accounts used to accumulate information until it is transferred to the owner's capital account
What are temporary accounts?
400
Where is the Net Loss entered on a Work Sheet?
What is the Income Statement Credit Column and Balance Sheet Debit Column?
400
Assuring that financial statements contain all information necessary to understand a business's financial condition is an application of which accounting concept?
What is Adequate Disclosure?
400
What is the entry to establish a $500 petty cash fund?
What is Petty Cash DR for $500, Cash CR for $500?
500
A business paper from which information is obtained for a journal entry
What is a source document?
500
A business that performs an activity for a fee
What is a service business?
500
What is the formula for calculating the Net Income Component percentage on the Income Statement?
What is Net Income divided by total sales?
500
When financial records for a business and for its owner's personal belongings are not mixed, it is an application of which accounting concept?
What is Business Entity?
500
After the adjusting entry for Prepaid Insurance has been posted, Insurance Expense has an up-to-date balance that is the value of...
What is insurance premiums used during the fiscal period?