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ACCT 2401 T1 Ch4

Information from Chapter 4 on Test 1 Review Sheet

QuestionAnswer
current ratio Current Assets/Current Liabilities The goal is 1 to 1 but the bigger the better.
working capital Current Assets – Current Liabilities The goal is to have a positive number
closing entries use a very temporary account called Income Summary to close Rev and expenses. the journal entries you record to physically move the balances out of the temp accts, leaving them with a 0 bal, and all their info will be summarized in the Ret Earns account.
permanent accounts are the balance sheet accounts. The assets, liabilities and owner’s equity of Capital Stock and Retained Earnings, will carry their balances forward from one accounting period to the next.
temporary accounts Revenues, Expenses and Dividends are temporary accounts because they represent the activity for only 1 accounting period. When you start a new accounting period, you must start over again and earn revenues, incur expenses and pay dividends.
net income and net loss on the worksheets Debits do not equal credits in the income statement columns. If the credit side is larger then the difference is the Net income for this particular time period. If the debit side is larger, it is a net loss.
Created by: chellejenkins
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