Chapter 3
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| Revenue, expense, and dividend accounts; balances brought to zero in the closing process | Temporary Accounts
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| Right side of an account | Credit
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| The process of "zeroing" out the temporary revenue, expense, and dividend accounts to prepare the accounting records for the next accounting period | Closing the Accounts
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| List of all accounts with respective debit or credit balances | Trial Balance
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| List of accounts with respective debit or credit balances prepared after adjustments have been made; can be used to prepare financial statements | Adjusted Trial Balance
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| Left side of an account | Debit
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| List of accounts with respective debit or credit balances prepared after temporary accounts have been closed; only balance sheet accounts appear on a post-closing trial balance | Post-Closing Trial Balance
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| The book of original record; business transactions are first recorded here in chronological order and later posted to the general ledger | Journal
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| Accounts that are never closed; balance sheet accounts e.g., assets; liabilities; stockholders' equity | Permanent Accounts
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| The process of recording transactions, producing the financial statements, and preparing the accounting records for the net accounting period | Accounting Cycle
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| An accountant's traditional way of keeping track of a company's financial transactions and preparing the financial statements; debits and credit in this system provide a simple means to track financial transactions | General Ledger System
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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.
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