The Accounting Cycle
Accounting Vocabulary
100
identify the event as a transaction and generate the source document.
What is identifying a transaction?
100
The name given to an account
What is account title?
200
a new trial balance is calculated after making the adjusting entries.
What is adjusting trial balance?
200
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
What is a balance sheet?
300
Determine the transaction amount, which accounts are affected, and in which direction.
What is analyzing the transaction?
300
A decrease in owner's equity resulting from the operation of a business.
What is an expense?
400
There are 12 steps to this.
What is the accounting cycle?
400
The amount remaining after the value of all liabilities is subtracted from the value of all asset.
What is the Owner's Equity?
500
the journal entries are transferred to the appropiate T- accounts in the ledger.
What is to post to ledger?
500
An accounting device used to analyze transactions.
What is a T account?
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