Accounting Final
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 equation | An equation showing the relationship among assets, liabilities, and owner's equity.
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| adjusting entries | Journal entries recorded to update general ledger accounts at the end of a fiscal period.
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| balance sheet | A financial statement that reports assets, liabilities, and owner's equity on a specific date.
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| chart of accounts | A list of accounts used by a business.
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| closing entries | Journal entries used to prepare temporary accounts for a new fiscal period.
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| post-closing trial balance | A trial balance prepared after the closing entries are posted.
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| posting | Transferring information from a journal entry to a ledger account.
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| proprietorship | A business owned by one person.
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| revenue | An increase in owner's equity resulting from the operation of a business.
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| service business | A business that performs an activity for a fee.
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| source document | A business paper from which information is obtained for a journal entry.
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| T account | An accounting device used to analyze transactions.
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| temporary accounts | Accounts used to accumulate information until it is transferred to the owner's capital account.
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| trial balance | A proof of the equality of debits and credits in a general ledger.
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| work sheet | A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
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| blank endorsement | An endorsement consisting only of the endorser's signature.
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
julieoelschlager
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