Vocabulary
This trial balance is prepared after the closing entries are posted.
What are Post Closing Trial Balances
These three lines make up the heading on a post closing trial balance.
1. Name of Business
2. Name of the Report (PCTB)
3. The Date of the Report
If a business buys supplies with cash, what happens?
Assets increase (supplies) and decrease (cash)
This Minecraft mob shoots projectiles that explode and give you a potion effect.
What is a Shulker?
These accounts are used to accumulate information for fiscal periods.
What are Permanent Accounts?
These accounts go on a Post Closing Trial Balance.
What are Assets, Liabilities, and Owner's Equity?
Name the 5 types of accounts and their associated reference numbers.
1. Assets (100)
2. Liabilities (200)
3. Owner's Equity (300)
4. Revenue (400)
5. Expenses (500)
This emotion is associated with the DC Yellow Lantern Core.
What is Fear?
The series of activities included in recording of financial information for an fiscal period.
What is The Accounting Cycle?
This is the final final step of a PCTB.
What is Ruling?
Name all of the major accounts and whether they are increased with a debit or a credit.
1. Assets (Debit)
2. Liabilities (Credit)
3. Owner's Equity (Credit)
4. Revenue (Credit)
5. Expenses (Debit)
This mode of transportation is seen at the beginning of the Skyrim cut scene.
What is a Wagon?
These journal entries are used to "update" the general ledger accounts at the end of a fiscal period.
What are Adjusting Entries?
What is the formula for calculating the current balance of capital in a PCTB?
Subtract Drawing from Capital and add/subtract the Net Profit/Loss
What does the term “fiscal year” mean?
A 12-month accounting period used for financial reporting.
This Lord of the Rings Wizard is often associated with brown.
Who is Radaghast the Brown.
This term requires that financial statements and their accompanying notes include all the necessary relevant information needed for investors to accurately understand a company's financial postition.
What is Adequate Disclosure?
Why are temporary accounts omitted from the Post Closing Trial Balance?
Because their balances have been closed
What is accounting?
What is the process of recording, summarizing, interpreting, and reporting the financial transactions of a business.
This Harry Potter ghost is notable for his mischievous nature. However, he does not appear in the movies.
Who is Peeves the Poltergeist?