Busy. Please wait.
Log in with Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

accounting 1 horngren harrison bamber

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
        Help!  

Question
Answer
ACCRUAL ACCOUNTING   Accounting that records the impact of a business event as it occurs, regardless of wheter the transaction affected cash.  
🗑
ACCRUED EXPENSE   An expense that the business has incurred but not yet paid. (taxes)  
🗑
ACCRUED REVENUE   A revenue that has been earned but not yet collected in cash. (commissons,)  
🗑
ACCUMULATED DEPRECIATION   The cumulative sum of all depreciation expense recorded for an asset.  
🗑
ADJUSTED TRIAL BALANCE   A list of all the accounts with their adjusted balances.  
🗑
ADJUSTING ENTRY   Entry made at the end of the period to assign revenues & expenses to the period they are earned or incurred. Adj. entries help measure the period's income and bring the related asset and liability accounts to correct bal. for the financial statements.  
🗑
BOOK VALUE(of a Plant Asset)   The asset's cost minue accumulated depreciation  
🗑
CASH-BASIS ACCOUNTING   accounting that records transactions only when cash is recived or paid  
🗑
CONTRA ACCOUNT   An account that always has a companion account and whose normal balance is opposite that of the companion account  
🗑
DEPRECIATION   The allocation of a plant asset's cost to expense over it useful like.  
🗑
MATCHING PRINCIPLE   Guide to accounting for expenses. Identify all expenses incurred during the period, measures the expenses, and match them against the revenues earned during that same time period.  
🗑
PLANT ASSET   Long-lived tangible assets-such as land, buildings, and equipment-used in the operation of a business  
🗑
PREPAID EXPENSE   Advance payments of expenses. Examples include prepaid rent, prepaid insurance and prepaid supplies.  
🗑
REVENUE PRINCIPLE   The basis for recording revenues; tells accountants when to record revenue and the amount of revenue to record.  
🗑
TIME-PERIOD CONCEPT   Ensures that information is reported at regular intervals.  
🗑
UNEARNED REVENUE   A liability created when a business collects cash from customers in advance of doing work. Also call Deferred revenue  
🗑
DEFERRED REVENUE   A liabilty created when a business collects cash from customers in advance of doing work. Also called Unearned Revenue.  
🗑
prepaid   CASH OCCURS BEFORE EXPENSE  
🗑
accrual   EXPENSE OR REVENUE OCCURS BEFORE CASH  
🗑
Types of adjusting journal entries   Prepaid Exp.,Depreciation, Accrued Expense(liability), Accrued Rev.(asset), Unearned Revenue.  
🗑
Adjusting journal entries PREPAID EXPENSE 1)   Asset that will be used up in the future(Prepaid Rent, Supplies, Ins.) The prepaid account like supplies when purchased is an asset. Really this asset is an expense in disguise, it does not convert to an expense until the period it is used up.  
🗑
Adjusting journal entries DEPRECIATION(2)   Expensing of plant assets occurs, however the plant asset account is not reduced as w prepaids. A Contra account is used. When the adjusting entry is prepared to reduce the plant assets it would be credited to accumulated depreciation account(contra)  
🗑
adjusting journal entries ACCRUED EXPENSE(liability) (3)   Expense incurred before the cash is paid. Accrued Liability is an expense that has been incurred but not yet paid and is not an Accounts Payable. Salary Exp Debit Salary Payable or Accrued Salary Expense Credit earned in dec being paid in jan  
🗑
Adjusting journal entries ACCRUED REVENUES (4)   Accrued Rev.(assets) earn rev. before receive cash and is not recorded in A/R yet. Contractor build home 12/31 only half way done Accnts Recv. or Accrued Revenue Debit half$ Service Rev Credit half $  
🗑
Adjusting journal entries UNEARNED REVENUE (5)   Received cash before providing service or product The unearned revenue is a liabilty since it is due to a client or customer.  
🗑


   

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.

 
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
Created by: nancygrace
Popular Accounting sets