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
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

Accounting#1

accounting vocab. 3

QuestionAnswer
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
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