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WGU FNC1 chpt 4 v

Accounting Vocabulary

TermDefinition
Accounting Cycle Process by which companies produce their financial statements for a specific period
Classified Balance Sheet A balance sheet that classifies each asset and each liability as either current or long-term
Closing the Account Step in the accounting cycle at the end of the period. Closing the accounts consist of journalizing and posting the closing entries to set the balances of the revenue, expense, and withdrawal accounts to zero for the next period.
Closing Entries Entries and transfer the revenue, expense, and withdrawal balances to the capital account.
Current Assets Assets that are expected to be converted to cash, sold, or consumed during the next 12 months, or within the business's normal operating cycle if the cycle is longer than a year.
Current Liabilities Debts due to be paid with cash or with goods and services within one year, or with in the entity's operating cycle if the cycle is longer than a year.
Current Ratio Current assists divided by current liabilities . This ratio measures the companies ability to pay current liabilities from current assists.
Debt Ratio Total liabilities divided by total assets. This ratio reveals the proportion of the companies assets that it has finance with debt.
Income Summary A temporary "holding tank" account into which revenues and expenses are transferred prior to their final transfer to the owner's capital account.
Liquidity Measure of how quickly an item can be converted to cash.
Long-Term Assets Any assets that will NOT be converted to cash or used up within the business's operating cycle, or one year, whichever is greater.
Long-Term Liabilities Liabilities that are not current
Operating Cycle Time span during which cash is paid for goods and services, which are then sold to customers for whom the business collects cash.
Permanent Accounts Accounts that are NOT closed at the end of the period-the asset, liability, and capital accounts.
Post closing Trail Balance List of the accounts and their balances at the end of the accounts and their balances at the end of the period after journalizing and posting the closing entries. It should include only the balance sheet accounts. The last step of the accounting cycle.
Reversing Entries Special journal entries that ease the burden of accounting for transactions in the next period.
Temporary Accounts The revenue and expense accounts that relate to a particular accounting period and are closed at the end of the period.
Work Sheet A columnar document designed to help move data from the trail balance to their financial statements.
Created by: 100003967420193