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100
REAL ACCOUNTS
What is another term for permanent accounts?
100
Having uniform financial statements to reflect the health of the business
What is the concept of Adequate Disclosure?
100
The preparation of a summary of the general ledger information at the end of a period in order to prepare financial statements.
What is the concept of the Accounting Period Cycle?
100
Journal entries recorded to update general ledger accounts at the end of a fiscal period
What are adjusting entries?
100
Center of the Column
What is where headings are placed?
200
Accounts used to accumulate information until it is transferred to the owner's capital account.
What are temporary accounts?
200
Debit Income Summary, Credit Capital
What is the entry to journalize net income?
200
Accounts used to accumulate information from one fiscal period to the next and maintain a balance
What are permanent accounts?
200
Must be closed at the end of each period.
What is a temporary account?
200
Must never be closed.
What is a permanent account?
300
Total Sales - Total Expenses
What is net income or loss?
300
Flush with margin
Where is the position of adjusting and closing entries?
300
Beginning Balances for current period
What is are the ending balances of permanent accounts in the prior period?
300
Used to summarize the closing entries for the revenue and expenses accounts.
What is income summary?
300
Income Summary CREDIT, Capital DEBIT
What is the closing entry for Income Summary?
400
Changes in the owner's capital for a single fiscal period.
What do the balances of temporary accounts show?
400
Journal entries used to prepare temporary accounts for a new fiscal period.
What are closing entries?
400
Debit to Capital and Credit to Drawing
What is the closing entry for the Drawing account?
400
The process of keeping expenses and revenues recorded in the same period.
What is A.C. Matching Expenses with Revenues?
400
The worksheet
Where is the information obtained for adjusting entries?
500
A second term for temporary accounts.
What is the term nominal?
500
Credit to Income Summary equal to Total Expenses, and Debits to all Expense accounts.
What is closing entry for expenses?
500
To record withdrawals by the owners
What is the purpose of the drawing account?
500
Represented by the balance in the Capital account
What is the owners's financial stake in the company?
500
Last day of the period.
What is the date of the closing entries?