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ACFM 321 Chapter 2

TermDefinition
Economic Events Events that directly affect financial position of company; transactions
External Events Exchanges between company and separate economic entities
Internal Events Events that directly affect financial position of company but don't involve an exchange transaction with another entity
Paid-In Capital Invested capital consisting primarily of amounts invested by shareholders when they purchase shares of stock from corporation
Retained Earnings Amounts earned by corporation on behalf of its shareholders and not (yet) distributed to them as dividends
Accounts Storage areas used to keep track of how transactions and events cause increases and decreases in balances of financial statement elements
Debits Represent the left side of account
Credits Represent the right side of account
Double-Entry System Dual effect that each transaction has on an accounting equation when recorded
T-Account Informal account format with space at top for account title and 2 sides for recording increases and decreases
Assets, Expenses, Losses, & Dividends Debit + Credit -
Liabilities, Paid-In Capital, Revenues, & Gains Debit - Credit +
Source Documents Relay essential information about each transaction to the accountant
Transaction Analysis Process of reviewing source documents to determine dual effect on accounting equation and specific amounts affected
Journal Chronological record of all economic events affecting financial position of company
Journal Entry Captures effect of transaction on financial position in debit/credit form
General Journal Used to record any type of transaction
Special Journal Record a repetitive type of transaction, ex. sales
Posting Transferring debits and credits recorded in individual journal entries to specific amounts affected
General Ledger Collection of accounts that organizes accounts & allows for keeping track of increases and decreases and resulting balances
Unadjusted Trial Balance A list of general ledger accounts and their balances after recording all transactions during period but before any adjusting entries
Adjusting Entries Internal transactions recorded at end of any period when financial statements are prepared
Adjusted Trial Balance Trial balance after adjusting entries have been recorded
Financial Statements Primary means of communicating financial information to external parties
Temporary Accounts Revenues, Gains, Expenses, Losses, Dividends
Permanent Accounts Assets, Liabilities, and Shareholders' Equity at a point in time
Post-Closing Trial Balance List of all permanent accounts and their balances after closing entries have been recorded
Prepayments Cash flow precedes either expense or revenue recognition
Accruals When cash flow comes after either expense or revenue recognition
Estimates Predictions of future events
Most companies keep books on an Accrual basis
Step 1 of Accounting Cycle Obtain information about external transactions from source documents
Step 2 of Accounting Cycle Analyze transaction
Step 3 of Accounting Cycle Record transaction in journal
Step 4 of Accounting Cycle Post from journal to general ledger accounts
Step 5 of Accounting Cycle Prepare an unadjusted trial balance
Step 6 of Accounting Cycle Record adjusting entries
Step 7 of Accounting Cycle Prepare an adjusted trial balance
Step 8 of Accounting Cycle Prepare financial statements
Step 9 of Accounting Cycle Close temporary accounts to retained earnings
Step 10 of Accounting Cycle Prepare a post-closing trial balance
During Accounting Period Steps Steps 1-4
At End of Accounting Period Steps 5-8
At End of Year Steps 9-10
Created by: MOWGaming04
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