This is a formal record of a person, business, or entity's financial activities.
What is a financial statement.
100
Adjusting entries are made at this time.
What is the end of the accounting period.
100
Posting refers to the process of transforming information to this.
What is the ledgers.
100
An account that closes at the end of the accounting cycle.
What is a temporary account.
100
This includes a balance sheet and an income summary all put together at the end of the accounting period.
What is a financial statement.
200
These are the two main parts of a financial statement.
What is an income statement and balance sheet.
200
Closing entries are dated as this.
What is the last day of the accounting period.
200
Posting takes place between the general ledger and this.
What is the general journal.
200
How often is the accounting period?
What is a month.
200
A temporary account in which the income statement accounts are closed.
What is the income summary account.
300
This is the time frame in which financial statements are comprised.
What is a quarterly or anual basis.
300
These are two adjusting entries.
What is prepaid insurance and supplies.
300
These are transferred while posting takes place.
What is credits and debits.
300
A record that keeps track of transactions chronologically is this.
What is a journal.
300
A listing of all of the accounts in the general ledger with account balances after the closing entries have been posted.
What is a post closing trial balance.
400
When this outweighs the expenses, a net income is the result in an income statement.
What is the revenue.
400
Adjusting entries are found in this.
What is the general ledger.
400
The process of transferring the details of financial transactions recorded in the journal of a business into the relevant accounts is called this.
What is posting.
400
Revenue accounts have normal balances on this side of the account.
What is the credit side.
400
This is the bottom line of the income statement. It is the mathematical result of revenues and gains minus the cost of goods sold and all expenses and losses.
What is the net income.
500
When this outweighs the sales, a net loss is recorded in the income statement.
What is the expenses.
500
This is the acronym of closing entries.
What is S.E.I.D.
500
Posting can also take place in this.
What is a general ledger.
500
This is the last step in the accounting cycle.
What is a post closing trial balance.
500
The accounting term that means an entry will be made on the left side of an account.