What is a formal record of the financial activities of a business, person, or other entity.
100
Adjusting entries are recorded on the next journal page following the page on which the last daily transactions for the month are recorded.
Where is adjusting entries located?
100
Ledger accounts
Post Closing entries to what?
100
Step one is, source documents are checked for accuracy, and transactions are analyzed into a debit and credit parts
What is step 1 in an accounting cycle?
100
A form for recording transactions in chronological order.
What is a Journal?
200
To provide information about the financial position
The objective of financial statements is to what?
200
Adjusting entries are journals recorded to update general ledger accounts at the end of a fiscal period, closing entries finish the account and prepare it for a new fiscial period.
What is the difference between adjusting and closing entries?
200
Post closing errors
If your columns are not in balance look for what?
200
An accounting cycle is a series of accounting activites included in recoring financial information for a fiscal period.
What is an accounting cycle?
200
A signature or stamp on the back of a check transferring ownership.
What is an endorsement?
300
Start your financial statement.
Once done with recording the adjusting entries you must what?
300
They are revenues, expenses, gains, and losses
What is the closing entries?
300
In the ledger accounts
Post adjusting columns go where?
300
Step 5
What step number is preparing the financal statements in the accounting cycle at?
300
Jounal entries used to prepare temporary accounts for a new fiscal period.
What is a closing entrie?
400
Owners and managers
Who is required financial statements to make important business decisions
400
The after closing trial balance
Prepare the what to make sure the debits equal the credits?
400
Ledger accounts
Post general journal entries to where?
400
By making entries in the appropriate journal.
How do you record the transaction?
400
A trial balance prepared after the closing entries are posted.
What is a post-closing entrie?
500
Employees
Who also needs these reports in making collective bargaining agreements (CBA) with the management
500
After the Financial statement
When do you start the Closing entries?
500
Posting of wrong amount, omitting a post, posting in the wrong column, or posting more than once.
What are some posting errors?
500
Trail Balance
Prepare the _____ to make sure the debits and credits equal?
500
The percentage relationship between one finacial statement item and the total that includes that item.