Tema 4: Recording Adjusting and Closing Entries for a Service Business

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inesur
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196580
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Tema 4: Recording Adjusting and Closing Entries for a Service Business
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2013-01-30 10:18:24
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  1. Adjustments
    Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period
  2. Adjusting Entries
    Journal entries recorded to update general ledger accounts at the end of a fiscal period
  3. Closing Entries
    Journal entries used to prepare temporaty accounts for a new fiscal period
  4. Balance Sheet
    A financial statement that reports assets, liabilities, and owner's equity on a specific date
  5. Fiscal Period
    The length of time for which a business summarizes and reports financial information
  6. Income Statement
    A financial statement showing the revenue and expenses for a fiscal period
  7. Net Income
    The difference between total revenue and total expenses when total revenue is greater
  8. Net Loss
    The difference between total revenue and total expenses when total expenses are greater
  9. Trial Balanc
    A proof of the equiality of debits and credits in a general ledger
  10. Work Sheet
    A columnar accounting form used to summarize the general ledger information needed to prepare financial statements
  11. Accounting Cycle
    The series of accounting activities included in recording financial information for a fiscal period
  12. Permanent Accounts
    Accounts used to accumulate information from one fiscal period to the next
  13. Post- closint Trial Balance
    A trial balance prepared after the closing entries are posted
  14. Temporary Accounts
    Accounts used to accumulate information until it is transferred to the owner's capital account
  15. Accrued Espenses
    Expenses incurred in one fiscal period but not paid until a latter fiscal period
  16. Accrued Interest Expense
    Interest incurred but not yet paid
  17. Accrued Interest Income
    Interest earned but not yet received
  18. Accrued Revenue
    Revenue earned in one fiscal period but not received until a latter fiscal period

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