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Financial Statements
Adjusting/Closing Entries
Posting
The Accounting Cycle
Accounting Vocabulary
100
a record of the financial activities of a person or business entity where all related financial information are presented in an orderly manner and can be easily understood.
What is financial statement
100
Changes recorded on a worksheet to update general ledger accountsat the end of a fiscal period
What is adjustments
100
Transferring information from a journal entry to a ledger account
What is posting
100
The series of accounting activities included in recording financial information for a fiscal period
What is accounting cycle
100
A decrease in owner's equity resulting from the operation of a business
What is expense
200
provides information on the change in a corporation's cash and cash equivalents during the same period of time as the income statement.
What is cash flow statement
200
The length of time for which a business summarizes and reports financial information
What is fiscal period
200
forwarding totals and amounts recorded in special amount columns
What is journal entries that are not posted individually
200
Analyze transactions
What is the first step of the accounting cycle
200
An accounting device used to analyze transactions
What is T account
300
reports a corporation's assets, liabilities, and stockholders' equity as of a point-in-time (e.g., as of midnight of December 31, 2010).
What is balance sheet
300
The difference between total revenue and total expenses when total revenue is greater
What is net income
300
write the date, journal page number, column total in credit amount column,new account balance in the balance credit column, and then return to journal and write the account number in parentheses
What is the steps to posting the total of a sales credit column
300
journalize, post, prepare worksheet
What is steps 2, 3, & 4 of the accounting cycle
300
A form for recording transactions in chronological order
What is journal
400
provides information that is designed to satisfy the needs of external users. Such reporting is usually done in the form of financial statements.
What is financial accounting
400
A financial statement showing the revenue and expenses for a fiscal period
What is income statement
400
Previous Balance + Credit Column Amount = New Credit Balance
What is the accounting equation for posting a credit account
400
prepare financial statements, journalize adjusting and closing entries
What is steps 5, 6, and 7 of the accounting cycle
400
Determining that the amount of cash agrees with the accounting records
What is proving cash
500
provides information that is useful in running a company by internal users. Such reporting is usually accomplished through custom-designed reports.
What is managerial accounting
500
The difference between total revenue and total expenses when total expenses is greater
What is net loss
500
Previous Balance + Debit Column Amount = New Debit Balance
What is the accounting equation for posting a debit column amount
500
Prepare post-closing trial balance
What is the last step of the accounting cycle
500
The difference between total revenue and total expenses when total revenue is greater
What is net income