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Accounting Final

QuestionAnswer
Accounting planning , recording, analyzing, and interpreting financial information
Balance Sheet financial statement that reports assets, liabilities, and owner's equity permanent accounts
Closing Entries journal entries used to prepare temporary accounts for a new fiscal period
Proving Cash determines that the amount of cash agrees with the accounting record
Income Statement financial statement showing the revenue and expenses for a fiscal period temporary accounts
Adjusting Entries journal entries recorded to update general ledger accounts at the end of a fiscal period
Income Summary used at the end of the fiscal period to help prepare other accounts for a new fiscal period
Contra Account an account that reduces a related account on a financial statement Sales Returns & Allowances
Payroll Register business form used to record payroll information
Employee Earnings Record business form used to record details affecting payments made to an employee
Subsidiary Ledger ledger summarized in a single general ledge account Accounts payable/receivable
equities financial rights to the assets of a business
Debit On the left side
Credit On the right side
Assets Debit
Owner, Drawing Credit
Purchases Returns & Allowances/Discount Credit
Income Credit
Cost of Merchandise Sold Debit
Expense Debit
Sales Returns & Allowances/Discount Debit
Basic Accounting Equation Assets = Liabilities + Owner's Equity Liabilites - Owner's Equity = Assets Owner's Equity = Assets+ Liabilities
Net Income Equation Sales - Cost of Merchandise = Gross Profit - Expenses = net income
What is recorded in cash receipts? cash received
What is recorded in cash payments? cash paid
Four closing entries Sales ---> Income Summary Expenses ---> Income Summary Income Summary ---> Capital Drawing ---> Capital
Nine steps in the accounting cycle Analyze source documents Journalize transaction information Post journal entries Prepare schedules of accounts payable and accounts receivable Prepare work sheet Prepare financial statements journalize adjusting and closing entries Post adjusting and closing entries Post - closing trial balance
What account titles are used when replenishing petty cash? cash expenses
What is the usual order of chart of accounts 100 - Assets 200 - Liablities 300 - Owner's Equity 400 - Revenue 500 - Cost of Merchandise 600 - Expenses
Temporary Accounts close at the end of fiscal period
Permanent Accounts there for the life of the business
Depreciation Decrease in assets over a period of time
Straight line Depreciation goes down the same amount each year
Equation for straight line depreciation original cost - estimated salvage value/useful life = total depreciation
Original cost Amount first paid for
Estimated Salvage Value value after useful life
Double Declining multiplying the book value by a constant depreciation rate
Equation for Double Declining 1/useful life convert to percentage * 2
Book Value What its currently worth
Lifo Last in First Out
Fifo First in first out
Weighted average average price of units purchased
Liabilities Credit
Owner, Capital Credit
Equation for Cost of Merchandise Sold Beginning Inventory + Purchases = Merchandise available for sale - ending inventory
What columns in a journal are posted individually? General Accounts Receivable Accounts Payable
What columns in a journal are posted in total Sales Cash Everything, but general
What is recorded in Sales? items sold sales on account
What is recorded in Purchases items bought Purchase of merchandise on account
Created by: cr8onfox