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Accounting Chp 4

Terms

TermDefinition
Accounting cycle Recurring steps performed each accounting period, starting with analyzing transactions and continuing through the post closing trial balance (or revering entries).
Classified balance sheet Balance sheet that presents assets and liabilities in relevant subgroups, including current and noncurrent classifications.
Closing Entries Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, gain, expense, loss, and withdrawal (dividend for a corporation) accounts to the capital account (to retained earnings for a corporation).
Closing Process Necessary end-of-period steps to prepare the accounts for recording the transactions of the next period.
Current Assets Cash and other assets expected to be sold, collected, or used within one year or the company’s operating cycle, whichever is longer.
Current Liabilities Obligations due to be paid or settled within one year of the company’s operating cycle, whichever is longer.
Current Ratio Ratio used to evaluate a company’s ability to pay its short-term obligations, calculated by dividing current assets by current liabilities.
Income Summary Temporary account used only in the closing process to which the balances of revenue and expense accounts (including any gains or losses) are transferred.
Intangible Assets Long-term assets (resources) used to produce or sell products or services; usually lack physical form and have uncertain benefits.
Long-term investments Long-term assets not used in operating activities such as notes receivable and investments in stocks and bonds.
Long-term liabilities Obligations not due to be paid within one year or the operating cycle, whichever is longer.
Operating cycle Normal time between paying cash for merchandise or employee services and receiving cash from customers.
Permanent Accounts Accounts that reflect activities related to one or more future periods; balance sheet accounts whose balances are not closed (also called real accounts)
Post-Closing trial balance List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.
Pro forma financial statements Statements that show the effects of proposed transactions and events as if they had occurred.
Reversing Entries Optional entries recorded at the beginning of a period that prepare the accounts for the usual journal entries as if adjusting entries had not occurred in the prior period.
Temporary Accounts Accounts used to record revenues, expenses, and withdrawals, (dividends for a corporation); they are closed at the end of each period; also called nominal accounts.
Unclassified balance sheets Balance sheet that broadly groups assets, liabilities, and equity accounts.
Working papers Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.
Work Sheet Spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance and financial statements.
Created by: Posiniv01
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