accounting vocab. 3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Worksheet | paper which uses ledger accounts info to complete the end of the fical period work
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| temporary accounts | accounts that close after fiscal year
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| Permanent accounts | accoumts that never close ex. assets, liabilities,& owner's capital accounts
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| Income summary account | used to summarize the revenue & expenses for fiscal period in general ledger
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| Income Summary account w/ending debit balance | net (loss)
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| Income summary account w/ ending credit balance | net income
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| accounting cycle step #1 | collect and verify source documents
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| accounting cycle step #2 | analyze each transaction (thinging part only
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| accounting cycle step #3 | journalize each transaction
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| accounting cycle step #4 | post to journal entries to the general ledger
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| accounting cycle step #5 | prepare a trail balance
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| accounting cycle step #6 | prepare a work sheet
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| accounting cycle step #7 | prepare financial statements
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| accounting cycle step #8 | journalize and post closing entries
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| accounting cycle step #9 | prepare a post-closing trial balance
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| closing entries | journal entries that close in temp. capital accounts and transfer net incomes/loss of pd. of capital account
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| net income | r>e
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| net loss | e>r
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| drawing at the end | subtracted from capital
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| trial balance | 5th step in accounting cycle: proof of debits and credits
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| balance sheet | report of the balances in all asset, liabillity and owner's equity accounts at the end of the pd.
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| capital statement | finacial statement prepared to summarize the effects of business transactions on capital accounts
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| income statement | report of net income or net loss for fiscal pd.
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| revenue | income earned from the sale of goods and services owned by business
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| expenses | cost of the goods or services that are used to operate the business: decrease in owner's equity
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