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Bookkeppinng1 Terms

Glossary

QuestionAnswer
Adjusting entries Journal entries made at the end of an accounting period to adjust certain balances so that the statements will accurately reflect the transactions for the period.
Asset Goods owned by the business for the purpose of earning income.
Capital The difference between assests and liabilities.
Financial Periods The balance sheet of a business is prepared at a point in time, while the Income Statement is for a period ended on the date of the Balance Sheet.
Financal Statements Statements that record the assets, liabilities, capital, revenue, and expenses of a business enterprise.
Folio A term used to show which journal the entry originated from.
Journals Books of original entry where all original documents are first entered.
Ledgers Books such as General Ledger, A/R Ledger,A/P Ledger, & Payroll Ledger that record the details from verious journals.
Liability An Amount owed by a business
Net Income The total revnue less total expenses.
Trial Balance Recording ledger balances in debit and credit columns to determine that the tools are equal.
Created by: carolinefhennel