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Chapter 9 vocab
| Question | Answer |
|---|---|
| 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 |
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