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ACC-Chapter 4

QuestionAnswer
Classified Balance Sheet A balance sheet that contains a number of standard classifications or sections
Closing Entries Entries made at the end of an accounting period to transfer the balances of temporary accounts to a permanent owner’s equity account, Owner’s Capital
Correcting Entries Entries to correct errors made in recording transactions
Current Assets Assets that a company expects to convert to cash or use up within one year
Current Liabilities Obligations that a company expects to pay from existing current assets within the coming year
Income Summary A temporary account used in closing revenue and expense accounts
Intangible Assets Noncurrent assets that do not have physical substance
Liquidity The ability of a company to pay obligations expected to be due within the next year
Long-Term Investments Generally, investments in stocks and bonds of other companies that companies normally hold for many years. Also includes long-term assets, such as land and buildings, not currently being used in operations
Long-Term Liabilities Obligations that a company expects to pay after one year
Operating Cycle The average time that it takes to go from cash to cash in producing revenues
Permanent (real) Accounts Accounts that relate to one or more accounting periods. Consist of all balance sheet accounts. Balances are carried forward to next accounting period.
Post-Closing Trail Balance A list of permanent accounts and their balances after a company has journalized and posted closing entries
Property, Plant, and Equipment Assets with relatively long useful lives, currently being used in operations
Reversing Entry An entry, made at the beginning of the next accounting period, that is the exact opposite of the adjusting entry made in the previous period
Stockholders’ Equity The ownership claim of shareholders on total assets. It is to a corporation what owner’s equity is to a proprietorship
Temporary (nominal) Accounts Accounts that relate only to a given accounting period. Consist of all income statement accounts and owner’s drawing account. All temporary accounts are closed at end of accounting period.
Worksheet A multiple-column form that may be used in making adjusting entries and in preparing financial statements
Created by: JJACCOUNTING
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