Accounting
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Accounting period | show 🗑
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| Accrual basis accounting | show 🗑
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| accrued expenses | show 🗑
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| show | Revenues earned in a period that are both unrecorded and not yet received in cash (or other assets); adjusting entries for recording accrued revenues involve increasing assets and increasing revenues.
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| adjusted trail balance | show 🗑
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| show | Journal entry at the end of an accounting period to bring an asset or liability account to its proper amount and update the related expense or revenue account.
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| annual financial statements | show 🗑
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| show | Asset's acquisition costs less its accumulated depreciation (or depletion, or amortization); also sometimes used synonymously as the carrying value of an account.
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| cash basis accounting | show 🗑
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| show | Account linked with another account and having an opposite normal balance; reported as a subtraction from the other account's balance.
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| Depreciation | show 🗑
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| show | aims to record expenses in the same accounting period as the revenues that are earned as a result of those expenses.
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| show | Consecutive 12-month (or 52-week) period chosen as the organization's annual accounting period.
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| show | Financial statements covering periods of less than one year; usually based on one-, three-, or six-month periods.
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| Natural business year | show 🗑
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| Plant assests | show 🗑
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| show | Items paid for in advance of receiving their benefits; classified as assets.
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| show | Ratio of a company's net income to its net sales; the percent of income in each dollar of revenue; also called net profit margin
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| show | Method that allocates an equal portion of the depreciable cost of plant asset (cost minus salvage) to each accounting period in its useful life.
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| show | Assumption that an organization's activities can be divided into specific time periods such as months, quarters, or years.
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| Unadjusted trial balance | show 🗑
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| show | Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.
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