Financial Statements
Adjusting/Closing Entries
Posting
The Accounting Cycle
Accounting Vocabulary
100
The heading, revenue, expenses, and net income or net loss are part of what.
What is income statement.
100
Journal entries recorded to update general ledger accounts at the end of a fiscal period.
What is adjusting entries
100
Transfering information from a journal entry to a ledger account.
What is posting
100
Assets equal the liabilities plus owner's equity which make up
What is accounting equation.
100
Planning, recording, analyzing, and interpreting financial information.
What is accounting
200
Information form the work sheet's Account Title column and Income Statement Credit column are used to prepare.
What is the revenue section.
200
Journal entries used to prepare temporary accounts for a new fiscal period.
What is closing entries.
200
Writing an account title and number on the heading of an account.
What is opening an account.
200
Assets are on the left side while liabilities and owner's equity are on the right side of
What is balance sheet.
200
Anything of value that is owned.
What is asset
300
Information from the work sheet's Account Title column and Income Statement Debit column is used to prepare.
What is the expenses section.
300
The two accounts we have adjusted this year.
What is supplies and prepaid insurance.
300
Separate amounts in a journal's general amount columns are posted individually to the account witten in what column.
What is the Account Title column.
300
Any asset as a normal balance on what.
What is a debit normal balance.
300
A business owned by one person.
What is a proprietorship
400
The temporary account balances are reduced to to what at the end of the fiscal period.
What is zero.
400
Separate amounts in a journal's special amount columns are not posted.
What is individually.
400
A list of accounts used by a business.
What is chart of accounts.
400
A form for recording transactions in chronological order.
What is a journal
500
An amount equal to its balance is recorded in the account on the side opposite to its balance.
What is closing a temporary account.
500
For most journal entries, at least one separate amount is posted individually to what.
What is a general ledger account.
500
The date, debit, credit, and source document are all for part of.
What is an entry.
500
A ledger that contains all accounts needed to prepare financial statements.
What is a general ledger
M
e
n
u