T- Accounts
Financial Statement Procedures
Closing Entries
Post Closing Trial
Balance
Journalizing transactions
100
What side is the normal balance for the owner's capital account?
Credit
100
The day on a monthly income statement prepared on July 31 is written as?
For month ended July 31,20--
100
Accounts used to accumulate information until it is transferred to the owner's capital account is?
Temporary accounts
100
the series of accounting activities included in recording financial information for a fiscal period is?
Accounting Cycle
100
Information for each transaction recorded in a journal is called?
An Entry
200
A list of accounts used by a business is called?
Chart of accounts
200
The amount of net income calculated on an income statement is correct if?
It is the same as net income shown on the worksheet
200
Accounts used to accumulate information from one fiscal period to the next are?
Permanent accounts
200
what is the first step for preparing a post closing trial balance?
Write the heading on three lines
200
A form describing the goods or services sold, the quantity and the price is called an?
Invoice
300
What side increases when you have an increase in cash?
Left side (Debit)
300
A balance sheet reports a business's financial?
Condition on a specific date
300
Temporary accounts begin each new fiscal period with a?
Zero balance
300
only what accounts with balances are included on the post closing trial balance is?
General ledger
300
A journal amount column that is not headed with an account title is?
General amount column
400
A common error to assume when doing transactions are?
That every transaction must affect accounts from both sides
400
The formula for calculating the net income component percentage is?
Net income divided by total sales equals net income component percentage.
400
After closing entries are posted the owner's capital account balance should be the same as?
Shown on the balance sheet for the fiscal period
400
The word post means?
After
400
A form on which a brief message is written on is?
A memorandum
500
What type of loan do the SBA (small business administration) offer?
Private Lending
500
Preparing financial statements at the end of each monthly fiscal period is an application of the accounting concept?
Accounting Period Cycle
500
Most small businesses use what as their fiscal year?
The calendar year
500
A trail balance prepared after the closing entries are posted is called?
Post Closing Trial Balance
500
Dollars, cent signs, and decimal points aren't used when?
Writing amounts ruled on accounting paper
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