Adjustments
Name of deferral of expense adjustment
What is Prepaid accounts and supplies.
Analyzing transactions
First step in the closing process
What is closing Revenue
What two main groups are assets and liabilities broken into on a Classified Balance Sheet?
What is current and non-current or long-term.
Recording Revenues when services and products are delivered and recording Expenses when incurred.
Contra-Asset Account
What is Accumulated Depreciation
Prepare unadjusted trial balance
What is the 4th step in the accounting cycle?
Last step in the closing process
What is closing Dividends?
Current assets
What is assets that are expected to be sold, collected, or used within one year or the accounting cycle
The allocation of the costs of long-term assets over their expected useful lives.
What is Depreciation?
Name a deferral of revenue adjustment
What is Unearned revenue.
Journalize and post closing entries
What is the next to last step in the accounting cycle?
Second step in the closing process
What is closing Expenses?
Long-term investments
Plant assets
Intangible assets
Revenue, Expenses, Dividends and Income Summary
What are the temporary accounts?
Cash
What is the account that is never adjusted
Preparing financial statements
What is the 7th step in the accounting cycle?
Third step in the closing process
What is closing Income Summary
Equity
What is not separated into current or non-current on the classified balance sheet?
Assets, Liabilities, Common Stock, and Retained Earnings
What are permanent accounts?
Statements affected by adjustments.
What is the Income Statement and Balance Sheet.
Prepare the Post-closing Trial Balance
What is the last step in the accounting cycle?
Current Assets divided by Current Liabilities
What is the formula for the Current Ratio?
(Asset cost minus salvage value) divided by useful life
What is the formula for straight-line depreciation?