Financial Statements
Adjusting/Closing Entries
Posting
Accounting Cycle
Accounting vocabulary
100
Balance sheet.
What is a financial statement that reports assets, liabilities, and owners equity on a specific date?
100
Adjusting entry.
What is a journal entry recorded to update general ledger accounts at the end of a fiscal period?
100
The date column.(the first one)
What column do you post the date?
100
Transactions.
What is recorded in a journal from information on source documents?
100
A group of accounts
What is a ledger?
200
Interim financial statement.
What is a financial statement providing information for a time period shorter than the fiscal year?
200
Closing Entry.
What is a journal entry used to prepare temporary accounts for a new fiscal period?
200
The Post. Ref column.
What column do you write the journal page number?
200
A post-closing trial balance of the general ledger is prepared.
What is the last step of an accounting cycle?
200
A decrease in owner's equity resulting from the operation of a business.
What is an expense?
300
The balance sheet
What should show ending balances for the current and previous year?
300
General Debit & Credit columns.
Which column are the adjusting entries in?
300
Account Title
Which column would you write the supples title in?
300
Financial statements.
What is prepard from the worksheet?
300
A journal entry used to prepare temporary accounts for a new fiscal period.
What is a closing entry?
400
Comparative financial statements.
What is a financial statement providing information for mulitple fiscal periods?
400
Both.
Do you write supplies & supplies expense for an adjusting entry or just supplies?
400
No.
Can you write the second amount in the same row?
400
Journal entries
What is posted to the general ledger?
400
The amoun in an account.
What is an account balance?
500
Financial statement
What is used to report a businesses financial progress and condition as well as changes in the owners equity?
500
Yes.
Should the temporary account equal zero at the end of each fiscal period?
500
Yes.
Do you separate the amounts in a journals general amount columns posted individually to the account written?
500
The general ledger.
What is adjusting and closing entries posted to?
500
A report of deposits, withdrawls, and bank balances sent to a depositor by a bank.
What is a bank statement?
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