Financial Statments
Adjusting/Closing Entries
Posting
The Accounting Cycle
Accounting Vocab
100
The change from financial statement to financial statement(not just the numbers)?
What is net income/loss
100
The two accounts you use to adjust supplies
What is supplies and supplies expense
100
After the first posting in that account, the balance should be
What is the same number the account was debited/credited
100
How many steps are in the accounting cycle
What is 8
100
Define adjusting entries
What is journal entries recorded to update general ledger accounts at the end of a fiscal period.
200
You make which first, income statement or a balance sheet?
What is income statement.
200
The order for closing a journal
What is SEID, Sales, Expenses, Income Summary, then Drawing
200
This first step to posting
What is writting the date.
200
If there is a incorrect transactions, what happens
What is the rest of the numbers in the journal and ledger and worksheets are all incorrect.
200
Define Post-closing trial balance
What is a trial balance prepared after closing entries are posted.
300
When making a balance sheet, the most important thing to do is
What is have the debit and credit balances equal each other.
300
The debited and credited parts of closing expense
What is debit income summary, then credit the expense's individually
300
What goes on the posting columns
What is the adjusting and closing entries
300
Why the accounting cycle is important
What is without it, you wouldn't be able to keep track of all the finances easily.
300
Define Component percentage
What is the percentage relationship between one financial statement item and the total that includes that item.
400
How to find the net income/loss
What is total expense's minus sales
400
How to adjust prepaid insurance
What is debit Insurance Expense then credit Prepaid Insurance
400
The number you put telling the page of the journal it is from
What is Post. Ref.
400
Which step do you do after prepareing a worksheet
What is prepareing financial statements(income statement/balance sheet)
400
Define temporary accounts
What is accounts used to accumulate information untill it is transferred to the owners capital account.
500
On the income statement, how to find the net income/loss component percentage
What is next income/loss divided by total sales
500
The one thing to remember once finishing the adjusting/closing statement.
What is adding all the debit and credit values should balance out.
500
Where do you put the account no.
What is the post. ref. of the journal
500
The correct order for the accounting cycle
What is analyze transactions, journalize, post in general ledger, prepare worksheet, prepare financial statments(income statemnt and balance sheet), do adjusting and closing entires, post adjusting and closing entries, prepare post-closing trial balance.
500
Define accounting cycle
What is the series of accounting activities included in recording financial information for a fiscal period.
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