The Accounting Cycle 1
Account Types
Trial Balances Out of Balance
The Accounting Cycle 2
Taxes
100
Transactions occur.
What is the first step?
100
Real accounts usually with credit balances that are "money you owe".
What are liabilities?
100
Trial balance difference equal to a journal or ledger entry.
What is a multiple/missed posting error?
100
Post-closing trial balance prepared.
What is the final (ninth) step?
100
Tax applied to most goods and services.
What is GST?
200
Ledger balanced by means of a trial balance
What is the fourth step?
200
Nominal accounts that have debit balances.
What are expenses?
200
An accounting entry that cancels the effect of an error.
What is a correcting journal entry?
200
Closing entries journalized and posted.
What is the eighth step?
200
Tax applied to most things by the province.
What is PST?
300
Accounting entries recorded in the journal.
What is the second step?
300
Nominal accounts with credit balances.
What are revenues?
300
Trial balance difference equal to double a journal/ledger entry.
What is a debit/credit error?
300
Formal income statement and balance sheet prepared.
What is the sixth step?
300
A combination of GST and PST.
What is HST?
400
Work Sheet prepared
What is the fifth step?
400
Real accounts usually with debit balances.
What are assets?
400
Trial balance difference is a multiple of 10.
What is an addition error.
400
Adjusting entries journalized and posted.
What is the seventh step?
400
This tax is 7% in BC.
What is PST?
500
Journal entries posted to the ledger accounts.
What is the third step?
500
Accounts that have a nil balance at the start of an accounting period.
What are nominal accounts?
500
A mistake caused by changing the order of digits.
What is a transposition error?
500
Steps 5 through 9.
Which steps are performed at the end of each fiscal period?
500
This tax is 5% in all of Canada
What is GST?
M
e
n
u