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Accounting Final

QuestionAnswer
3 functions of accounting Income statement, statement of equity, and balance sheet
Accounts with normal credit balance LCR Liabilities, capital, revenue
Prepaid expense paid for more than 1 period (a month)
Double-entry accounting system by which each business transaction is recorded in at least 2 accts and accounting equation is kept in balance
Petty cash cash fund used to make small, immediate cash payments
Purpose of closing entries reset temporary acct balance to zero
Real (permanent) accts Balance sheet accts: All assets, liabilities, and o. capital
Purpose of internal control protect assets against fraud and waste, provide accurate accting data, promote efficient operation, and encourage adherence to management policies
Bank reconciliation determines whether and why there is a difference btwn balance shown on bank statement and balance in general ledger
Cash short and over where overages and shortages are recorded
Created by: evadawson10
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