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AR Com Acct I - U2

Arkansas Comp. Acct. I - Unit 2 - Basic Accounting Cycle

QuestionAnswer
a record summarizing all the information pertaining to a single item in the accounting equation account
the amount in an account account balance
the number assigned to an account account number
the name given to an account account title
the series of accounting activities included in recording financial information for a fiscal period accounting cycle
an equation showing the relationship among assets, liabilities, and owner's equity accounting equation
changes in financial information are reported for a specific period of time in the form of financial statements accounting period cycle concept
an organized summary of a business's financial activities accounting record
a planned process for providing financial information necessary to understand a business's financial condition accounting system
financial statements that contain all information necessary to understand a business's financial condition adequate disclosure concept
journal entries recorded to update general ledger accounts at the end of the fiscal period adjusting entries
changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period adjustments
anything of value that is owned assets
a financial statement that reports assets, liabilities, and owner's equity on a specific date balance sheet
financial information is recorded and reported separately from the owner's personal financial information Business Entity Concept
the account used to summarize the owner's equity in a business capital
a list of accounts used buy a business chart of accounts
journal entries used to prepare temporary accounts for a new fiscal period closing entries
the same accounting procedures are followed in the same way in each accounting period Consistent Reporting Concept
a journal entry made to correct an error in a ledger correcting entry
an entry to the right side of a T account credit
an amount entered on the left side of a T account debit
financial rights to the assets of a business equities
the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current file maintenance
the length of time for which a business summarizes and reports financial information fiscal period
a ledger that contains all accounts needed to prepare financial statements general ledger
financial statements are prepared with the expectation that a business will remain in operation indefinitely Going Concern Concept
a financial statement showing the revenue and total expenses for a fiscal period income statement
a group of accounts ledger
an amount owned by a business liability
revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period Matching Expenses with Revenue Concept
the difference between total revenue and total expenses when total revenue is greater net income
the difference between total revenue and total expenses when total expenses is greater net loss
a source document is prepared for each transaction Objective Evidence Concept
writing the account title and number on the heading of an account opening an account
the amount remaining after the value of all liabilities subtracted from the value of all assets Owner's Equity
accounts used to accumulate information from one fiscal period to the nest permanent accounts
a trial balance prepared after the closing entries are posted post-closing trial balance
transferring information from a journal entry to a ledger account posting
a business owned by one person proprietorship
accounts used to accumulate information until it is transferred to the owner's capital account temporary accounts
a business activity that changes assetws, liabilities, or owner's equity transaction
a proof of the equality of debits and credits in a general ledger trial balance
a columnar accounting form used to summarize the general ledger information needed to prepare financial statements work sheet
Created by: SherriLMay