If the Credit is greater than the debit in the balance column then there is a...
What is a net loss
200
Account that closes at the end of each accounting cycle.
What is temporary account?
200
the excess of revenues and gains of a business over expenses and losses during a given period of time.
What is Net Income?
300
An account used for making little meaningless purchases.
What is petty cash?
300
adjusting entries
What is the first step in closing accounts
300
2 Accounts that end up having a balance after the closings.
What is (sales, cash, petty cash, A/P, A/R, Capital)
300
Used to keep track of all financial statements during an accounting cycle.
What is a journal
300
When two sides in an account are equal
What is Balance?
400
The purpose of financial statements.
What is to show how a company is doing financially?
400
A temporary account used while closing accounts.
What is an income summary?
400
How you see where the ledger originally got its information from.
What is page number.
400
The number of accounting cycles per year
What is 12?
400
the activity, practice, or profession of maintaining the business records of a person or organization and preparing forms and reports for tax or other financial purposes
What is accounting
500
Why do investors look at financial statements?
What is to see how well a company is doing?
500
Used to close the Income summary.
What is capital account?
500
The area used while clos ing to see where the information was posted on the ledger?
What is post reference?
500
Three different types of accounting cycles
What is annual, quarterly, monthly?
500
the wealth, whether in money or property, owned or employed in business by an individual, firm, corporation, etc.