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Accounting ch 6

College Accounting Ch 6

QuestionAnswer
Accounting form of Balance Sheet A balance sheet in which the assests are on the left and the liabilities and the owner's equity sections are on the right.
Accounting Cycle The steps involved in accointing for all of the business activities during an accounting period.
Classified Balance Sheet A balance sheet with separate categories for current asssests; property, plant, and equipment; current liabilities; and long term liabilities.
Closing Process The process of giving zero balances to the temporary accounts so that they can accumulate information for the next accounting period.
Current Assets Cash and assets that will be converted into cash or consumed within either one year or the normal operating cycle of the business, whichever is longer.
Current Liabilities Liabilities that are due within either one year or the normsl opersting cycle of the business, whichever is longer, and that are to be paid out of current assets.
Income Summary A temporary account used in the closing process to sumarize the effect of all revenue and expense accounts.
Long-Term Assets Assets that expected to serve the business for many years. (Also called property, plant, and equipment or plant assets.)
Long-Term Debt Obligations that are not expected to be paid within a year and do not require the use of current assets. (Also known as long-term liabilities.)
Long-Term Liabilities Obligations that are not expected to be paid within a year and do not require the use of current assets. (Also known as long-term debt.)
Operating Cycle The period of time required to purchase supplies and services and convert them back into cash.
Permanent Accounts Accounts that accumulate information across accounting periods; all accounts reported on the balance sheet.
Plant Assets Assets that expected to serve the business for many years. (Also called property, plant, and equipment or long-term assets.)
Post-Closing Trial Balance Prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.
Property, Plant, and Equipment Assets that expected to serve the business for many years. (Also known as plant assets or long-term assets.)
Report Form of Balance Sheet A balance sheet in which the liabilities and the owner's equity sections are shown below the assets.
Temporary Accounts Accounts that do not accumulate information across accounting periods but are closed, such as the drawing account and all income statement accounts.
Created by: dengler