Accounting terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Accounting | process of tracking financial activities and summarizing them.
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| Accounting Cycle | begins with the collection of financial data and ends with reports
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| Journal entries | chronological record of financial activity stored in a book or original entry called general ledger
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| General Ledger | what accounts are stored in (assets, liabilities, equity, revenue and expenses)
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| Posting | the process of copying data from the general journal to each general ledger account
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| Why are adjusting journal entries at the end of a cycle? | Because some expenses have been estimated, and need to be corrected (taxes), while others are more efficiently recorded at the end of the cycle (depriciation)
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| Prepaid Advertisements is what | Assets
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| Unearned Revenue | Liability
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| Prepaid Insurance | Assets
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Created by:
atbmeg
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