Financial Statements
Adjusting/ Closing Entries
Posting
The Accounting Cycle
Accounting Vocabulary
100
the period of time covered by financial statements
What is fiscal period
100
changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
What is adjustments
100
the first step in posting the total of the sales credit column
What is writing the date
100
first step in accounting cycle
What is analyzing transactions
100
an increase in owner's equity resulting from the operation of a business
What is revenue
200
provide an overview of basic information about an organization's financial position
What is financial statements
200
the length of time for which a business summarizes and reports financial information
What is fiscal period
200
the additional journal entry used to correct an incorrect journal entry
What is a correcting entry
200
the step after journalizing in the accounting cycle
What is posting
200
a business owned by one person
What is a proprietorship
300
a proof of the equality of debits and credits in a general ledger
What is trial balance
300
this is written in the post ref. column of the account when posting the total of the sales credit column
What is the journal page number
300
the step after preparing a worksheet in the accounting cycle
What is preparing financial statements
300
a sale for which cash will be received at a later date
What is a sale on account
400
records that give an overview of a business's financial status
What is financial statement
400
the difference between total revenue and total expenses when total revenue is greater
What is net income
400
a group of accounts
What is a ledger
400
the series of accounting activities included in recording financial information for a fiscal period
What is the accounting cycle
400
an endorsement indicating a new owner of a check
What is a special endorsement
500
income statements and balance sheets are examples of this
What is financial statements
500
the difference between total revenue and total expenses when total expenses is greater
What is net loss
500
the number assigned to an account
What is an account number
500
the final step in the accounting cycle
What is preparing a post-closing trial balance
500
a ledger that contains all accounts needed to prepare financial statements
What is a general ledger
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