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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