Accounting form used to summarize the general ledger information needed to prepare financial statements.
What is a worksheet?
100
This is a financial statement that reports information over a specific period of time and indicated whether the business has a net profit or a net loss.
What is an income statement?
100
Journal entries recorded to update general ledger accounts at the end of a fiscal period.
What adjusting entries?
200
An accounting device used to analyze transactions.
What is a T account?
200
This is a process where you write an account title and number on the heading of an account.
What is opening an account?
200
A signature or stamp on the back of a check transferring ownership.
What is an endorsement?
200
This is a financial statement that reports information on a specific date and indicates if the business has adequate assests available.
What is a balance sheet?
200
Journal entries used to prepare temporary accounts for a new fiscal period.
What is closing entries?
300
A business activity that changes assets, liabilities, or owner's equity.
What is a transaction?
300
Transferring information from a journal entry to a ledger account.
What is posting?
300
A check that a bank refuses to pay.
What is a dishonored check?
300
This document has four sections, heading, assests, liabilities, and owner's equity.
What is the balance sheet?
300
These are the two different classifications of accounts used to accumulate financial information.
What is permanent and temporary accounts?
400
What two accounts and how are they being affected when the transaction is "Paid cash on account to Supply Depot"
What is credit to cash and debit to Accounts payable- Supply Depot?
400
These two accounts are affected when you "pay cash to owner for personal use"
What is Drawing and Cash?
400
Length of time that a business summarizes and reports financial information.
What is a fiscal period?
400
This document has four sections, heading, revenue, expenses and net income/net loss.
What is the income statement?
400
Trial balance prepared after the closing entries are posted.
What is the post closing trial balance?
500
The transaction when you see a debit to prepaid insurance and a credit to cash.
What is "paid cash for insurance"?
500
Determining that the amount of cash agrees with the balance of the cash account is the accounting records.
What is proving cash?
500
These two financial documents can come from a completed worksheet.
What is income statement and balance sheet?
500
This is known as the relationship between one financial statement item and the total that includes that item.
What is the component percentage?
500
Series of accounting activities included in recording financial information for a fiscal period.