Financial Statements
Adjusting/Closing Entries
Posting
The Accounting Cycle
Accounting Vocabulary
100
On the top of every financial statement.
What is the heading?
100
Journal entries used to prepare temporary accounts for a new fiscal period
What are closing entries?
100
Daily Double! Transferring Information from a journal entry to a ledger account
What is posting?
100
Changes recorded on a work sheet to update generla ledger accounts at the end of a fiscal period
What are adjustments?
100
Group of accounts
What is a ledger?
200
The account used to summarize the owner's equity
What is the capital account?
200
Daily Double! Accounts used to accumulate information until it is transferred to the owner's capital account
What are temporary accounts?
200
Type of ledger that contains all of the accounts needed to post
What is a general ledger?
200
An account that increases when it is debited and decreases when it is credited
What are asset accounts?
200
Number assigned to an account
What is an account number?
300
Normal balance is a debit
What is an asset?
300
Accounts used to accumulate information from one fiscal period to the next
What are permanent accounts
300
A group of accounts
What is a ledger?
300
Recording transactions in a journal
What is journalizing?
300
A form for recording transactions in chronological order
What is a journal?
400
Normal Balance is a credit
What is liability or an owner's equity account?
400
Account with no normal balance
What is the income summary account?
400
The number assigned to an account
What is an account number?
400
A journal amount column that is not headed with an account title
What is a general amount column?
400
A check that a bank refuses to pay
What is a dishonored check?
500
A financial statement that reports assets, liabilities, and owner's equity on a specific date
What is a balance sheet?
500
Type of accounts that are closed after each fiscal period
What are trial balance accounts?
500
Only the totals of these columns are posted
What are special amount columns?
500
A business paper from which information is obtained for a journal entry
What is a source document?
500
A business activity that changes assets, liabilities, or owner's equity
What is a transaction?
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