Financial Statements
Adjusting/Closing Entries
Posting
The Accounting Cycle
Accounting Vocab
100
Define income statement.
What is financial statement showing the revenue and expenses for a fiscal period.
100
Define adjusting entries
What is journal entries recorded to update general ledger accounts at the end of a fiscal period.
100
How many steps are there in posting to a payable ledger.
What is 5
100
Define an accounting cycle.
What is Series of accounting activities for a fiscal period
100
Define Permanent Accounts.
What is accounts used to accumulate info from one fiscal period to another.
200
Define Temporary accounts.
What is Accounts used to accumulate info until its transferred to the capital account.
300
Define Component percentage.
What is percentage relationship between one financial statement and the total.
400
Define post-closing trial balance
What is a trial balance after closing entries.
500
Define income statement.
What is financial statement showing the revenue for a fiscal period.
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