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Accounting#1
accounting vocab. 3
| Question | Answer |
|---|---|
| Worksheet | paper which uses ledger accounts info to complete the end of the fical period work |
| temporary accounts | accounts that close after fiscal year |
| Permanent accounts | accoumts that never close ex. assets, liabilities,& owner's capital accounts |
| Income summary account | used to summarize the revenue & expenses for fiscal period in general ledger |
| Income Summary account w/ending debit balance | net (loss) |
| Income summary account w/ ending credit balance | net income |
| accounting cycle step #1 | collect and verify source documents |
| accounting cycle step #2 | analyze each transaction (thinging part only |
| accounting cycle step #3 | journalize each transaction |
| accounting cycle step #4 | post to journal entries to the general ledger |
| accounting cycle step #5 | prepare a trail balance |
| accounting cycle step #6 | prepare a work sheet |
| accounting cycle step #7 | prepare financial statements |
| accounting cycle step #8 | journalize and post closing entries |
| accounting cycle step #9 | prepare a post-closing trial balance |
| closing entries | journal entries that close in temp. capital accounts and transfer net incomes/loss of pd. of capital account |
| net income | r>e |
| net loss | e>r |
| drawing at the end | subtracted from capital |
| trial balance | 5th step in accounting cycle: proof of debits and credits |
| balance sheet | report of the balances in all asset, liabillity and owner's equity accounts at the end of the pd. |
| capital statement | finacial statement prepared to summarize the effects of business transactions on capital accounts |
| income statement | report of net income or net loss for fiscal pd. |
| revenue | income earned from the sale of goods and services owned by business |
| expenses | cost of the goods or services that are used to operate the business: decrease in owner's equity |
Created by:
10dayday10
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