Chapters 2 and 3
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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| show | account format
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| show | accrual
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| accounting that records the impasct of a business event as it occurs, regardless of whether the transaction affected cash | show 🗑
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| show | accrued expense
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| show | accrued revenue
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| the cumulative sum of all depreciation expense from the date of acquiring a plant asset | show 🗑
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| show | adjust trial balance
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| show | book value (of a plant asset)
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| show | cash-basis accounting
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| a balance sheet that shows current assets separate from long-term assets, and current liabilites separate from long-term liabilities | show 🗑
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| the rpocess of preparing the accounts to begin recording the next period's transactions. Consists of journalizing and posting the closing entries to set the balances of the revenue, expense, and dividends account to zero | show 🗑
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| entries that transfer the revenue, expense, and dividends balances from these respective accounts to the retained earnings account | show 🗑
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| show | contra account
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| an asset that is expected to be converted to cash, sold, or consumed during the next 12 months, or within the business's normal operating cycle if longer than a year | show 🗑
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| show | current liability
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| current assets divided by current liabilities. Measures a company's ability to pay current liabilities with current assets | show 🗑
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| ratio of total liabilities to total assets. States the proportion of a company's assets that is financed with debt | show 🗑
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| show | deferral
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| allocation of the cost of a plant asset to expense over its useful life | show 🗑
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| measure of how quickly an item can be converted to cash | show 🗑
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| show | long term asset
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| a liability that is not a current liability | show 🗑
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| the basis for record expecses. Direct accountants to identify all expenses incurred during the period, to measure the expenses, and to match them against the revenues earned during that same period | show 🗑
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| an income statement that contains subtotals to highlight important relationships between revenues and expenses. | show 🗑
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| show | operating cycle
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| show | permanent accounts
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| show | plant assets
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| a category of miscellaneous assets that typically expire or get used up in the near future. | show 🗑
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| show | report format
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| show | revenue principle
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| an income statement that lists all the revenues together under a heading such as revenues or revenues and gais. Expenses appear in a separate category call expenses or perhaps expenses and losses | show 🗑
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| the revenue and expense accounts that relate to a limited period and are closed at the end of the period, such as dividends | show 🗑
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| show | time period concept
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| show | unearned revenue
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| show | account
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| show | accrued liability
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| show | cash
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| list of a company's accounts and their account numbers | show 🗑
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| show | credit
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| the left side of an account | show 🗑
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| the chronological accounting record of an entity's transactions | show 🗑
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| the book of accounts and their balances | show 🗑
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| show | posting
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| show | transaction
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| a list of all the ledger accounts with their balances | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
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:
forevermoody
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