Accounting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Accounting period | Length of time covered by financial statements; also called reporting period.
🗑
|
||||
| Accrual basis accounting | Accounting system that recognizes revenues when earned and expenses when incurred; the basis for GAAP.
🗑
|
||||
| accrued expenses | Costs incurred in a period that are both unpaid and unrecorded; adjusting entries for recording accrued expenses involve increasing expenses and increasing liabilities.
🗑
|
||||
| accrued revenues | Revenues earned in a period that are both unrecorded and not yet received in cash (or other assets); adjusting entries for recording accrued revenues involve increasing assets and increasing revenues.
🗑
|
||||
| adjusted trail balance | List of accounts and balances prepared after period-end adjustments are recorded and posted.
🗑
|
||||
| adjusting entry | Journal entry at the end of an accounting period to bring an asset or liability account to its proper amount and update the related expense or revenue account.
🗑
|
||||
| annual financial statements | Financial statements covering a one-year period; often based on a calendar year, but any consecutive 12-month (or 52-week) period is acceptable.
🗑
|
||||
| book value | Asset's acquisition costs less its accumulated depreciation (or depletion, or amortization); also sometimes used synonymously as the carrying value of an account.
🗑
|
||||
| cash basis accounting | Accounting system that recognizes revenues when cash is received and records expenses when cash is paid.
🗑
|
||||
| Contra account | Account linked with another account and having an opposite normal balance; reported as a subtraction from the other account's balance.
🗑
|
||||
| Depreciation | Expense created by allocating the cost of plant and equipment to periods in which they are used; represents the expense of using the asset.
🗑
|
||||
| Expense recognition (or matching) principle | aims to record expenses in the same accounting period as the revenues that are earned as a result of those expenses.
🗑
|
||||
| Fiscal year | Consecutive 12-month (or 52-week) period chosen as the organization's annual accounting period.
🗑
|
||||
| Interim financial statements | Financial statements covering periods of less than one year; usually based on one-, three-, or six-month periods.
🗑
|
||||
| Natural business year | Twelve-month period that ends when a company's sales activities are at their lowest point.
🗑
|
||||
| Plant assests | Tangible long-lived assets used to produce or sell products and services; also called property, plant and equipment (PP&E) or fixed assets.
🗑
|
||||
| Prepaid expenses | Items paid for in advance of receiving their benefits; classified as assets.
🗑
|
||||
| Profit margin | Ratio of a company's net income to its net sales; the percent of income in each dollar of revenue; also called net profit margin
🗑
|
||||
| Straight-line depreciation method | Method that allocates an equal portion of the depreciable cost of plant asset (cost minus salvage) to each accounting period in its useful life.
🗑
|
||||
| Time period assumption | Assumption that an organization's activities can be divided into specific time periods such as months, quarters, or years.
🗑
|
||||
| Unadjusted trial balance | List of accounts and balances prepared before accounting adjustments are recorded and posted.
🗑
|
||||
| Unearned revenues | Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
1205581920
Popular Accounting sets