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

Prin. Acct. Ch. 4

Terms and Definitions

QuestionAnswer
Classified Balance Sheet A balance sheet that contains a number of standard classifications or sections.
Closing Entries Entries made at the end of an accounting period to transfer the balance of temporary accounts to a permanent owner's equity account.
Correcting Entries Entries to correct errors made in recording transactions.
Current Assets Assets that a company expects to convert to cash or use up within one year.
Current Liabilities Obligations that a company expects to pay from existing current assets withing the coming year.
Income Summary A temporary account used in closing revenue and expense accounts.
Intangible Assets Non current assets that do not have physical substance.
Liquidity The ability of a company to pay obligations expected to be due within the next year.
Long-Term Investments Generally, investments in stocks and bonds of other companies that companies normally hold for many years. Also includes long-term assets, such as land and buildings, not currently being used in operation.
Long-Term Liabilities Obligations that a company expects to pay after one year.
Operating Cycle The average time that it takes to go from cash to cash in producing revenues.
Permanent (real) Accounts Accounts that relate to one or more accounting periods. Consist of all balance sheet accounts. Balances are carried forward to next accounting period.
Post-Closing Trial Balance A list of permanent accounts and their balances after a company has journalized and posted closing entries.
Property, Plant and Equipment Assets with relatively long useful lies, currently being used in operations.
Reversing Entry An entry, made at the beginning of the next accounting period, that is the exact opposite of the adjusting entry made in the previous period.
Stockholders' Equity The ownership claim of shareholders on total assets. It is to a corporation what owner's equity is to a proprietorship.
Temporary (nominal) Accounts Accounts that relate only to a given accounting period. Consist of all income statement accounts and owner's drawing account. All temporary accounts are closed at end of accounting period.
Worksheet A multiple-column form that may be used in making adjusting entries and in preparing financial statements.
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