Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Accounting Ch.4

Accounting

TermDefinition
Accounting cycle Recurring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trial balance (or reversing entries).
Classified balance sheet Balance sheet that presents assets and liabilities in relevant subgroups, including current and non-current 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 or 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; its balance is transferred to the capital account (or retained earnings for a corporation).
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 trail 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 <i>nominal accounts
Unclassified balance sheet 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 un-adjusted trial balance, adjusting entries, adjusted trial balance, and financial statements.
Created by: 1205581920
Popular Accounting sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards