Journalizing
Owner's Equity
Accounting Basics
Closing
Post-Closing
100
Journal
What is a form for recording transactions in chronological order?
100
Revenue
What is an increase in equity resulting from the sale of goods or services?
100
Accounting Cycle
What is the series of accounting activities included in recording financial information for a fiscal period?
100
Temporary Accounts
What are acccounts used to accumulate information until it is transferred to the owner's capital account.
100
Permanent Accounts
What are accounts used to accumulate information from one fiscal period to the next?
200
Debit
What is an amount recorded on the left side of an account?
200
Drawing
What are assets taken from the business for the owner's personal use?
200
General Ledger
What is a ledger that contains all accounts needed to prepare financial statements?
200
Income Summary
What is the temporary account used to summarize the closing entries for the revenue and expense accounts?
200
Post-Closing Trial Balance
What is a trial balance prepared after the closing entries are posted?
300
Credit
What is an amount recorded on the right side of an account?
300
Expenses
What are the costs of goods or services used to operate a business?
300
Worksheet
What is a columnar accounting form used to summarize the general ledger information needed to prepare financial statements?
300
Closing Entries
What are journal entries used to prepare temporary accounts for a new fiscal period?
400
Adjusting Entries
What are journal entries recorded to update general ledger accounts at the end of a fiscal period?
400
Net Income
What is the difference between total revenue and total expenses when total revenue is greater?
500
Net Loss
What is the difference between total revenue and total expenses when total expenses are greater?
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