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Misc Vocabulary
WS Vocabulary
Balance Sheet / Income Statement
GAAPs
Surprise
100
Transferring information from a journal entry to a ledger account.
What is posting?
100
Cash paid for an expense in one fiscal period that is not used until a later period.
Prepaid expense
100
Cash
Balance Sheet
100
Financial information is recorded and reported separately from the owner's personal financial information.
What is Business Entity?
100
An accounting device used to analyze transactions is called
What is a T account?
200
A group of accounts.
What is a ledger?
200
Reporting income when the cash is received and expenses when the cash is paid.
Cash basis of accounting
200
Capital
Balance Sheet
200
The same accounting principles must be followed in the same way in each accounting period.
What is Consistent Reporting?
200
The recording of debit and credit parts of a transaction.
What is double-entry accounting?
300
A financial statement showing the revenue and expenses for a fiscal period.
What is an income statement?
300
Changes recorded in a work sheet to update general ledger accounts at the end of a fiscal period.
adjustments
300
Fees Earned
Income Statement
300
Revenue is recorded at the time goods and services are sold.
What is Realization of Revenue? or Revenue Recognition
300
A form on which a brief message is written to describe a transaction.
What is a memo or memorandum?
400
A financial statement that reports assets, liabilities and owner's equity on a specific date
What is a balance sheet?
400
The length of time for which a business summarizes its financial information and reports it financial performance.
fiscal period
400
Income Summary
Not on either statement
400
A source document is prepared for each transaction.
What is objective evidence?
400
Explain how the concept of Matching Expenses with Revenue relates to adjustments
An expense should be reported in the same fiscal period that it is used to produce revenue.
500
A proof of equality of debits and credit in a general ledger.
Trial balance
500
Revenue accounts start with
What is a 4?
500
Cash Short and Over
Income Statement
500
Changes in financial information are reported for a specific period of time in the form of financial statements.
What is Accounting Period Cycle?
500
The "BIG FOUR" accounting firms
What are Deloitte, PWC, Ernst and Young, KPMG?