Show:
Financial Statements
Adjusting/Closing Entries
Posting
The Accounting Cycle
Accounting Vocabulary
100
Fiscal Period
What is the length of time for which a business summarizes and reports financial information?
100
Adjusting Entries
What is journal entries recorded to update general ledger accounts at the end of a fiscal period?
100
Posting
What is transferring information from a journal entry to a ledger account?
100
Accounting Cycle
What is the series of accounting activities included in recording financial information for a fiscal period?
100
Accounting
What is planning, recording, analyzing, and interpreting financial information?
200
From the worksheet
What is where are financial statements prepared?
200
On the next journal page following the page on which the last daily transactions for the month are recorded.
What is where are adjusting entries recorded?
200
It sorts them so all debits and credits are brought together.
What is what does posting do for journal entries?
200
Analyze Transactions
What is the first step in the accounting cycle?
200
Asstes
What is anything of value that is owned?
300
Balance Sheet
What is a financial statement that reports assets, liabilities, and owner's equity on a specific date?
300
The General Debit and General Credit columns of a journal
What is where are the Adjusting entries entered in?
300
The account written in the Account Title column.
What is each seperate amount in the General Debit and General Credit columns of a journal posted to?
300
For the next Fiscal period
What is when would the cycle begin again?
300
Equities
What is financial rights to the assets of a business?
400
Income Statement
What is a financial statement showing the revenue and expenses for a fiscal period?
400
An Adjusting entry to bring the supplies account up to date.
What is one reason for an adjusting entry?
400
True
What is True or False. Amounts in journal entries are recorded in either general amount columns or special amount columns?
400
Prepare a Post-Closing Trial Balance
What is the final step in the accounting cycle?
400
Revenue
What is an increase in owner's equity resulting from the operation of a business?
500
Net Income
What is the difference between total revenue and total expenses when total revenue is greater?
500
Supplies, Supplies Expense, Prepaid Insurance, and Insurance Expense
What is the accounts that are affected by adjustment entries?
500
Seperate amounts in a journal's general amount columns are posted individually to the account written in the Account Title column. Seperate amounts in a journal's special amount columns are not postedindividually. Instead, they're posted to the account named in the heading special amount column.
What is the 2 rules for posting amounts from a journal?
500
Prepare financial statements.
What is the fifth step in the accounting cycle?
500
Dishonored Check
What is a check that a bank refuses to pay?