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Chapter 9 vocab

QuestionAnswer
A work sheet is prepared at the end of each fiscal period to summarize the general ledger information needed to prepare financial statements. Accounting Period Cycle
Financial statements are prepared from information on the work sheet Adequate Disclosure
Journal entries recorded to update general ledger accounts at the end of a fiscal period Adjusting Entries
The revenue earned and the expenses incurred to earn that revenue are reported in the same fiscal period Matching Expenses with Revenues
Accounts used to accumulate information from one fiscal period to the next Permanent Accounts
Accounts used to accumulate information until it is transferred to the owner's capital account Temporary Accounts
Permanent Accounts Real Accounts
Temporary Accounts Nominal Accounts
List of Temporary Accounts Revenue, expense, and owner's drawing accounts plus the income summary account
Journal entries used to prepare temporary accounts for a new fiscal period Closing Entries
A temporary account used to summarize the closing entries for the revenue and expense accounts Income Summary
4 Closing Entries: Step 1 1.) An entry to close income statement accounts with credit balances
4 Closing Entries: Step 2 2.) An entry to close income statement accounts with debit balances
4 Closing Entries: Step 3 3.) An entry to record net income or net loss and close Income Summary
4 Closing Entries: Step 4 4.) An entry to close the owner's drawing account
Found in the Income Statement and Balance Sheet columns of the work sheet Closing Entries Obtain From
A trial balance prepared after the closing entries are posted Post-Closing Trial Balance
The series of accounting activities included in recording financial information for a fiscal peiod Accounting Cycle
The independent reviewing and issuing of an opinion on the reliability of accounting records Auditing
Standard accounting rules GAAP
American Institute of CPAs that develops the standards for accounting AICPA
Created by: echavez0195