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AR Com Acct I - U2
Arkansas Comp. Acct. I - Unit 2 - Basic Accounting Cycle
| Question | Answer |
|---|---|
| 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
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