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

Week 3 Accounting

OSU

QuestionAnswer
Full Accounting Cycle 1) Journal 2) Ledger 3) Un-adjusted trail balance 4) Record and Post Year-End adjusting Entries 5) Adjusted Trail Balance 6) Prepare Financial Statements
Adjusting Entries Are used why? To ensure: Accrual Accounting principles are upheld, End of Period or year >Realization Principle ---Revenues are recorded in the Period, EARNED >Matching Concept ---Expenses are Recognized in the Period, Helps earn Revenue
Types of Adjustments 1) Deferrals 2) Accruals
Deferral Expenses Exchange of cash before Action (Prepaid Insurance)(Consider it a line of Credit) Asset Represents the Unused Portion of the Prepayment Think about the T-Account
Accruals Action has occurred before the exchange of cash
Supplies Equation +Beginning(D)(A) I Supplies +Supplies Used Up (C) (Ex) purchased(D)(A) -------------------------- End
Deferral Revenue Given cash before job done (Like a loan, but Revenue intend of repayment) **Unearned Revenue is not REVENUE) it is A Liability!!! Adjusting Entries ------------------------ [Debt to Liability] and [Credit to Revenue]
Deferral Exchange of cash before Action
Interest Equation Principal x Rate x Time Time is always a (X/12) with X being the number of periods in the given year
Adjusted Trail balance It's to prove the equity of Debts and Credits balances in the Ledger after all Adjustment have been made. "same as Unadjusted trail balance but Except includes Adjusting Entries.
Financial Statements can be prepared.... .....directly from Adjusted trail balance(AJB)
Nominal Accounts Are closed to zero balance at the end of the year (Revenues, Expenses, Dividends) To Retained Earnings
When Closing Nominal Account (Debt or Credit)? Normalizing balance [{column}] is where the retained earnings
Dividends is what kind of account? Contra Equity so "Equity" Note: Is Negative
Balance In retained earnings represents (after closing) Net Income Not payed out to Stockholders as Dividends
Created by: Elzbane
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