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Financial Statements
Adjusting/Closing Entries
Posting
Accounting Cycle
Accounting Vocabulary
100
A worksheet is prepared to assist in preparing a ______
What is financial statement
100
What does an adjusting entry do?
What is used to update general ledger accounts?
100
What is a post-closing trial?
What is trial balance prepared after the closing entries are posted.
100
What is the accounting cycle?
What is series of accounting activities included in recording financial information for a fiscal period.
100
Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period?
What is adjustments
200
A financial statement showing the revenue and expenses for a fiscal period is called _______
What is income statement
200
Where are adjusting entries recorded?
What is general credit and debit
200
What does a general ledger account need to be in the post-closing trial balance?
What is needs a balance
200
What is last step in the accounting cycle?
What is post-closing trial balance.
200
Total revenue is greater than the total expenses?
What is net income.
300
what are the two types of financial statements?
What is balance sheet and income statement?
300
Where is the effects of posting and adjusting entries shown?
What is t accounts
300
What are examples of things on the trial balance?
What is assets,liabilities, and owners capital
300
What is the first step of the accounting cycle?
What is analyze transactions.
300
When total expenses is greater than total income?
What is net loss.
400
When do you prepare a financial stement?
What is at the end of each month?
400
Journal entries used to prepare temporary accounts for a new fiscal period?
What is closing entries
400
The total of all ______ needs to equal the total of all ____ in a general ledger?
What is debits and credits.
400
What is done after you journalize?
What is post in general ledger
400
Accounts used to accumulate info until it is transfered to the owners capital account?
What is temporary accounts
500
Where do you get information for your finacial statement?
What is general ledger
500
Whenever a temporary account is closed, the closing entry must have equal ________ and ________
What is debits and credits
500
After the general ledger account balances are in balance you are ready for the next _________
What is fiscal period.
500
What is done after the worksheet is prepared?
What is prepare financial statements
500
Accounts used to accumulate info from one fiscal period to the next?
What is permanent accounts?