Journal Entries recorded to update general ledger accounts at the end of a fiscal period.
What is an adjusting entry?
100
Adjusting and closing entries.
What is posted?
100
The series of accounting activities included in recording financial information for a fiscal period.
What is the Accounting Cycle?
100
A financial statement that reports assets,liabilities,and owner's equity on a specific date.
What is a balance sheet?
200
Equities.
What is the financial rights to a bussiness?
200
Permanent and Temporary.
What types of Closing Entries are there?
200
Transferring information from a journal entry to a ledger account.
What is posting?
200
Analyze transactions.
What is the first step in the accounting cycle?
200
Anything of value that is owned.
What is an asset?
300
Proprietorship
What is one type of bussiness you can make a financial statement for?
300
General Debit and General Credit.
What is the columns that adjusting entries are entered in?
300
General amount columns or special amount columns
What is the acccounts the journal entries are recorded in?
300
Journal entries, work sheet, trial balance, financial statements, adjusting and closing entries, and a post-closing trial balance.
What is used in the accounting cycle?
300
The length of time for which a bussiness summarizes and reports financial information.
What is a fiscal period?
400
1.) The bussiness
2.) Work Sheet
3.) The date
Ex: Ecore Music
Work Sheet
For Month Ended August 31, 2011
What is the heading on a financial statement for a worksheet?
400
Journal entries used to prepare temporary accounts for a new fiscal period.
What is a closing entry?
400
Separate the amounts in a journal's general amount columns are posted individually to the account written in the Account Title column.
What is one rule for posting amounts from a journal?
400
Journalize transactions from information on source documents.
What is the second step in the accounting cycle?
400
Financial rights to the assets of a bussiness.
What is an equity?
500
Partnership
What is another type of bussiness that you could make a financial statement for?
500
Have the balances equal eachother that its balance is recorded in the account on the opposite side to its balance.
What is the way to close a temporary account?
500
Separate amounts in a journal's special amount columns are not posted individually. Instead, the special amount column totals are posted to the account names in the heading of the special amount column.
What is the second rule for posting amounts from a journal?
500
Post Adjusting and Closing Entries
What is the 7th step in the accounting cycle?
500
The difference between th total revenue and total expenses when total revenue is greater.