Show:
Financial Statements
Adjusting/Closing Entries
The Accounting Cycle
100
What is a Financial Statement
What is a formal record of the financial activities of a person, business, or entity.
100
How many times do you write the heading for adjusting entries?
What is one time.
100
what is the accounting cycle?
What is the series of accounting activities included in recording financial information for a fiscal period.
200
How many types of financial statements are there?
What is 2.
200
what are journal entires used to prepare temporary accounts for a new fiscal period?
What is closing entries.
200
what do you do after you post to the general ledger?
What is post to the worksheet.
300
How many sections does an income statement have?
What is four sections
300
What day are adjusting entries recorded on?
What is the last day of the month
300
Do you start over with the accounting cycle at the beginning of the new fiscal cycle?
What is yes.
400
What are the four sections of a balance sheet?
What is the heading, the assets, liabilities, and the owner's equity.
400
what do you have to do to close a temporary account.
What is recording on the side opposite the total.
400
what do you do after you prepare the the financial statements?
What is journalize adjusting and closing entries.
500
Which sides do the liabilities and assets go on?
What is liabilities on the right and the assets on the left.
500
what do tempoarary accounts start off with for the new fiscal period?
What is a zero balance.