An account with an opposite balance to the normal balance of its associated account.
What is a contra account?
100
Adjustments for Prepaid Expenses are also referred to as
What is Deferred Expenses?
100
An accounting event must be measurable in monetary terms.
What is Monetary Unit Concept?
100
These are prepared to zero out income statement accounts.
What are Closing Entries?
100
This statement formally represents Revenue - Expenses.
What is Income Statement?
200
An informal representation of a general ledger account.
What is a T-account?
200
Adjustments for unearned revenue are also referred to as
What is Deferred Revenue?
200
An accounting event must be specific to the entity for which the accounting records are kept.
What is Business Entity?
200
Net income belongs to owners, therefore a closing entry transfers the balance in an income statement account to an account classified as owners' equity. For a sole-proprietorship this account is called
What is the capital account?
200
The financial statement represents ALOE or ALSE.
What is a Balance Sheet?
300
The process of recording the appropriate part of a journal entry to the affected account.
What is posting?
300
The adjusting entry for a fixed asset. (aka what account is debited and what account is credited)
What is Debit Depreciation Expense and Credit Accumulated Depreciation.
300
The company is assumed to continue into the future, assets, liabilities and owners' equity represent rights and obligations extending into the future.
What is Going Concern?
300
Net income belongs to owners, therefore a closing entry transfers the balance in an income statement account to an account classified as owners' equity. For a corporation this account is called
What is Retained Earnings?
300
The financial statement describes Operating, Investing and Financing cash activity.
What is Statement of Cash Flows?
400
A listing of a all general ledger accounts and their respective balances to ensure that debits equal credits.
What is a Trial Balance?
400
The adjusting entry for wages accrued for the last 2 days of the month (Mon/Tues) $400. (what account is debited, what account is credited)
What is Debit Wage Expense and Credit Wage Payable? (or Salary)
400
The success or the failure of the business must be determined at regular intervals.
What is Periodicity?
400
Entry to close the fees earned account for a corporation.
What is Debit FEES EARNED and Credit RETAINED EARNINGS?
400
What are the two accounts listed on the owner's equity section of a corporation's balance sheet?
What is Capital Stock and Retained Earnings?
500
The recorded effect of an accounting event.
What is Journal Entry?
500
The adjusting entry for accrued assets is also called
What is Accrued Revenue?
500
The same accounting principles must be followed in the same way in each accounting period.
What is Consistent Reporting?
500
Some companies close their revenue and expense accounts to another account instead of directly into retained earnings or capital. It is an extra step and that account is closed to the capital account. The name of this account is.
What is Income Summary?
500
The financial statement that reports the details of Owner's Equity.
What is Statement of Retained Earnings or Owner's Equity?