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Accounts
Double-Entry Accounting
Financial Statements
Adjusting Process
Miscellaneous
100
The account form in the shape of a T.
What is a T-Account?
100
The E in DEADCOIL.
What is Expense?
100
The financial statement that lists assets, liabilities, and Owner's Equity.
What is a Balance Sheet?
100
Payments of future expenses that are recorded as assets when cash is paid.
What is a prepaid expense?
100
Physical resources that are owned and used by a business and are permanent or have a long life.
What are fixed assets or plant assets?
200
The excess of the debits of an asset account over its credits.
What is the balance of the account?
200
Type of normal balance for a revenue account.
What is a Credit?
200
This statements lists revenues and expenses.
What is the Income Statement?
200
Revenues are reported on the income statement in the period in which they are earned.
What is the revenue recognition concept?
200
A portion of a fixed assets cost that should be recorded as an expense.
What is depreciation?
300
A list of all the accounts in the ledger.
What is a chart of accounts?
300
Normal balance of an asset account.
What is a Debit?
300
The statement that shows the transactions in owner's Equity.
What is the Statement of Changes in Owner's Equity?
300
The analysis and updating of accounts at the end of the period before the financial statements are prepared.
What is the adjusting process?
300
The trial balance printed after the adjusting entries are posted.
What is the adjusted trial balance?
400
These accounts are debts owed to outsiders.
What are liabilities?
400
Normal balance of a Drawing account.
What is a Debit?
400
This shows all the balances for the general ledger accounts.
What is the Trial Balance?
400
Journal entries that bring the accounts up to date at the end of the accounting period.
What are adjusting entries?
400
Comparing each item in a financial statement with a total amount from the same statement.
What is a vertical analysis?
500
These accounts result from using up assets or consuming services in the process of generating revenues.
What are expenses?
500
The 2 types of accounts on an income statement.
What are Revenues and Expenses?
500
This error occurs when the order of the digits is copied incorrectly.
What is a transposition error?
500
Unrecorded revenues that have been earned and for which cash has yet to be received?
What is an accrued revenue?
500
Each adjusting journal entry affects these 2 accounts.
What is an income statement and a balance sheet account?