TERMS
FINANCIAL STATEMENTS
WORKSHEET
JOURNALIZING
TERMS AGAIN
100
A business activity that changes assets, liabilities or owners equity.
What is a transaction?
100
This financial statement shows a business's assets, liabilities and owners equity.
What is a balance sheet?
100
Proof of the equality of debits and credits in a general ledger is called this.
What is the trial balance?
100
A record summarizing all the information pertaining to a single item in the accounting equations is known as this.
What is an account?
100
Journal entries used to prepare temporary accounts for a new fiscal period are called these.
What are closing entries?
200
Transferring information from a journal entry to ledger account is called this.
What is Posting?
200
Information needed to prepare this financial statement can be found below the account Income Summary on the worksheet.
What is an Income Statement?
200
Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period are called these.
What are adjustments?
200
This accounting device is used to analyze transactions is called this.
What is a T-Account?
200
Form prepared after the closing entries are posted is called this.
What is Post Closing Trial Balance?
300
Length of time for which a business summarized and reports financial information is called this.
What is Fiscal Period
300
A net loss is reported when _______ exceeds total revenue.
What is total expenses?
300
The difference between total revenue and total expenses when revenue is greater is called this.
What is net income?
300
The list of accounts used by a business is called this.
What is chart of accounts?
300
These accounts accumulate information until it is transferred to the owners capital account and closed out.
What are temporary accounts?
400
Journal entries recorded to update general ledger accounts at the end of a fiscal period are called this.
What are adjusting entries?
400
The percentage relationship between one financial statement item and the total that includes that item is called this.
What is component percentage?
400
When a business sells services on account, this transaction is debited with this account.
What is accounts receivable?
400
This describes the series of accounting activities included in recording financial information for a fiscal period.
What is accounting cycle?
500
Accounts used to accumulate information from one fiscal period to the next are called these?
What are permanent accounts?
500
This accounting concept applies when financial statements contain all information necessary to understand a business's financial condition.
What is Adequate Disclosure?
500
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements is called this.
What is a worksheet?
500
A business pays cash on account you debit this account.
What is accounts payable?
500
When you determine that the amount of cash agrees with the accounting records is called this.
What is proving cash?
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