Financial Statements
Adjusting/Closing Entries
Posting
The Accounting Cycle
Accounting Vocabulary
100
A financial statement that reports assets, liabilities, and owner's equity on a specific date is known as this.
What is a balance sheet?
100
Journal entries recorded to update general ledger accounts at the end of this period are called adjusting entries.
What is the fiscal period?
100
This is the first thing that must be done in posting from a general debit column.
What is the date?
100
Source documents are checked and transactions are analyzed into these two parts.
What is debit and credit parts?
100
This is a check that a bank refuses to pay.
What is a dishonored check?
200
A financial statement showing the revenue and expenses for a fiscal period is called this.
What is an income statement?
200
This is the first step in adjusting entries.
What is writing the heading?
200
One must do this once posting two debits in the same category.
What is adding debits together?
200
This is prepared from the work sheet.
What is the financial statement?
200
This is the account used to summarize the owner's equity in a business.
What is capital?
300
This is below total expenses.
What is net income?
300
These accounts must be reduced to zero at the end of each month.
What are temporary accounts?
300
One must return and write the account number after writing the new account balance in this column.
What is the Post Reference column?
300
This, along with a trial balance, is prepared from the general ledger.
What is a work sheet?
300
This is the amount in an account.
What is the account balance?
400
At the end of each fiscal period, this many financial statements are prepared on a work sheet.
What is two?
400
After an account title is down, this must be recorded next in adjusting entries.
What is writing the date?
400
Seperate amounts in a journal's general amount columns are posted individually to the account written in this column.
What is the Account Title column?
400
These, which are found from the information on source documents, are recorded in a journal.
What is transactions?
400
This is an amount of cash kept on hand and used for making small payments.
What is petty cash?
500
This is the first debit and credit column balance.
What is trial balance?
500
The account 'Income Summary' must be used to close these accounts.
What are expenses, sales, and capital?
500
The posting reference is always recorded in this as the last step in the posting procedure.
What is the journal?
500
A post closing trial balance of this is prepared last.
What is a general ledger?
500
This is a form for recording transactions in chronological order.
What is a journal?
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