Show:
Account
Entry/events
Variances/Ledger
Inventory
Sales
100
Place where you record items
What is account?
100
entry made to close out a temporary account and determine net income
What is closing entry?
100
collection of specific assets, liability, and owner's equity account
What is general ledger?
100
account that represents the cost of product completed but not yet sold
What is finished goods inventory?
100
First in, first out
What is FIFO?
200
time period between financial statement
What is accounting cycle?
200
recorded effect of an accounting event
What is Journal entry?
200
variance that indicates difference in revenue due to change in selling price
What is sales price variance?
200
account that represents the costs of product started but not completed.
What is work in process inventory?
200
temporary account used to record cash discounts taken by customers
What is sales discount?
300
informal representation of a general ledger account
What is T-account?
300
event that management wants to plan and evaluate
What is business event?
300
differences between the standard and actual amounts of inputs
What is variances?
300
account that represents the costs incurred to purchase and receive direct material
What is direct material inventory?
300
last in, first out
What is LIFO?
400
account with an opposite balance to the normal balance of its associated account
What is contra account?
400
variance that indicates difference in revenue due to change in selling volume
What is sales quantity variance?
400
temporary accounts used to report losses of inventory
What is loss on inventory?
400
account that represents returns by customers and price allowances granted
What is sales returns and allowances?
500
assets, liability, or owner's equity whose balance is carried over from year to year.
What is permanent account?
500
ledger used to record details for specific general ledger account
What is subsidiary ledger?
500
inventory account used by merchandising companies
What is merchandise inventory?
500
temporary accounts used to record purchases of inventory
What is purchases?