Adjusted trial balance

A trial balance done after adjusting entries have been made and posted.

An internal entry made to adjust the accounts for internal events prior to preparing financial statements.

An event that management wants to plan and evaluate.

An organizational scheme used to classify accounts as assets, liabilities, or owners’ equity.

An entry made to close out a temporary account, transfer the balance to retained earnings, and determine income.

An account with an opposite balance to the normal balance of its associated account.

An adjusting entry that occurs when expenses are incurred in one accounting period and payment is made in a later period.

An adjusting entry that occurs when a company uses previously purchased assets in an attempt to generate revenue in future periods.

The journal used to record both the account(s) to be debited and the account(s) to be credited.

A collection of specific asset, liability, and owners’ equity accounts.

The recorded effect of an accounting event.

The process of recording a journal entry.

A ledger in a computer-based transaction system.

The side of an account is always the side (debit or credit) on which it increases.

An asset, liability, or owners’ equity account whose balance is carried over from year to year.

Post-closing trial balance

A trial balance prepared after the closing entries have been posted.

The process of recording the appropriate part of a journal entry to the affected account.

An adjusting entry that occurs when revenues are earned in one accounting period and payment is received in a later period.

An adjusting entry that occurs when a company has been paid in advance for services to be performed in a future period.

An informal representation of a general ledger account.

A journal in a computer-based transaction system.

A listing of all general ledger accounts and their respective balances to ensure that debits equal credits.

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Accounting Chapter 7

Term	Definition
Account	A place where the results of events affecting that item are recorded.
Accounting cycle	The time period between financial statements.
Adjusted trial balance	A trial balance done after adjusting entries have been made and posted.
Adjusting entry	An internal entry made to adjust the accounts for internal events prior to preparing financial statements.
Business event	An event that management wants to plan and evaluate.
Chart of accounts	An organizational scheme used to classify accounts as assets, liabilities, or owners’ equity.
Closing entries	An entry made to close out a temporary account, transfer the balance to retained earnings, and determine income.
Contra account	An account with an opposite balance to the normal balance of its associated account.
Credit	The right side of an account.
Debit	The left side of an account.
Expense accrual	An adjusting entry that occurs when expenses are incurred in one accounting period and payment is made in a later period.
Expense deferral	An adjusting entry that occurs when a company uses previously purchased assets in an attempt to generate revenue in future periods.
General journal	The journal used to record both the account(s) to be debited and the account(s) to be credited.
General ledger	A collection of specific asset, liability, and owners’ equity accounts.
Journal entry	The recorded effect of an accounting event.
Journalizing	The process of recording a journal entry.
Master file	A ledger in a computer-based transaction system.
Normal balance	The side of an account is always the side (debit or credit) on which it increases.
Permanent account	An asset, liability, or owners’ equity account whose balance is carried over from year to year.
Post-closing trial balance	A trial balance prepared after the closing entries have been posted.
Posting	The process of recording the appropriate part of a journal entry to the affected account.
Revenue accrual	An adjusting entry that occurs when revenues are earned in one accounting period and payment is received in a later period.
Revenue deferral	An adjusting entry that occurs when a company has been paid in advance for services to be performed in a future period.
T-accounts	An informal representation of a general ledger account.
Transaction files	A journal in a computer-based transaction system.
Trial balance	A listing of all general ledger accounts and their respective balances to ensure that debits equal credits.

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