ACCTG211(SP11-WC) #3 Word Scramble
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ACCTG211(SP11-WC) #3
Chapter 3
| Question | Answer |
|---|---|
| Revenue, expense, and dividend accounts; balances brought to zero in the closing process | Temporary Accounts |
| Right side of an account | Credit |
| 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 |
| List of all accounts with respective debit or credit balances | Trial Balance |
| 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 |
| Left side of an account | Debit |
| 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 |
| The book of original record; business transactions are first recorded here in chronological order and later posted to the general ledger | Journal |
| Accounts that are never closed; balance sheet accounts e.g., assets; liabilities; stockholders' equity | Permanent Accounts |
| The process of recording transactions, producing the financial statements, and preparing the accounting records for the net accounting period | Accounting Cycle |
| 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 |
Created by:
jlb89
on 2011-01-14