A report of the net income or net loss for a specific period.
What is an income statement?
100
Both revenue and expenses are closed to this temporary account and it does not have a normal balance side.
What is Income Summary?
100
This signifies that the work on the accounting form is completed.
What is double rule?
200
A permanent record organized by account number.
What is a general ledger?
200
Any type of business paper that verifies that a transaction occured.
What is a source document?
200
This occurs when your revenue is greater than your expenses.
What is net income?
200
The temporary account "income summary" is closed to this.
What is statement of changes in owner's equity?
200
This is a visualization of the basic accounting equation.
What is a balance sheet?
300
Multiple accounts that have a normal balance on the debit side.
What are assets?
300
This is the final step in the accounting cycle.
What is the post-closing trial balance?
300
Summarizes changes in the owner's capital account as a result of business transactions that occur during the period.
What is the statement of changes in owner's equity?
300
The balance of the revenue account is transferred to this side of the income summary.
What is credit side?
300
A list of all general ledger account names and balances; it is used to prove the ledger.
What is a trial balance?
400
In the double entry accounting system for every debit you must have one of these.
What is a credit?
400
This is what you do after you journalize each transaction. This is the 4th step in the accounting cycle.
What is post the the ledger?
400
The final entry on the statement of changes in owner's equity.
What is Ending Capital?
400
An accounting period that begins on July 1, 2013 and ends on June 30, 2014.
What is a fiscal year?
400
A list of the permanent general ledger account balances; it is prepared to to prove the ledger after the closing entries are posted.
What is post-closing trial balance?
500
Accounts that are zeroed out at the end of the accounting period.
What are temporary accounts?
500
The 7th step in the accounting cycle that is prepared using the information from the worksheet.
What are Financial Statements?
500
One way to determine this is by subtracting any additional investments from the account balance.
Another way to determine this is by looking at the ledger.
What is Beginning Capital?
500
The posting process for closing entries is the same as for any other journal or ledger entry EXCEPT this is written in the description.
What are the words Closing Entry?
500
Adding all the debit balances and all the credit balances and then comparing the two totals to see whether they are equal.