Term
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Definition
| 1. Create Journal 2. Post J/E to ledger (T-accounts) 3. Prepare unadjusted Trial balance 4. Unadjusted Trial balance 5. Adjusted Entries 6. Adjusted Trial Balance 7. Financial Statements 8. Closing Entries 9. Posting Closing Trial Balance |
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Term
| What 3 things is 4. Adjusting Entrees? |
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Definition
| 1. Revenue/Expense (I/S) 2. Balance Sheet 3. No cash "Adjusting Entrees never have cash" |
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Term
| 4 types of Adjusting entrees |
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Definition
1. (Deferral) Converting Assets ->to Expenses
2. (Deferral) Liability (down) -> Revenue (up)
3. (Accrual) Intrest/Salaries -> Accrual unpaid exp.
4. (Accrual) Uncollected Rev. |
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Term
| Adjusting Entrees Deferral means |
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Definition
| 1. Cash 2. Rev./Expenses and pushed back |
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Term
| Adjusting Entrees Accrual means |
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Definition
| 1. Rev/Exp. 2. Cash (Receive cash or pay it) and add up |
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Term
| Do Assets and contrast assets stick together? T or F |
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Definition
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Term
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Definition
| To grow or accumulate over time |
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Term
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Definition
| Depreciation taken throughout the useful life of an asset is accumulated in this account |
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Term
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Definition
| A schedule indicating the balance in ledger accounts after end-of-period adjusting entries have been posted. The amounts shown in the adjusted trial balance are carried directly into financial statements. |
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Term
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Definition
| Liability- can be current if earned within the year |
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Term
| Current asset can be converted when? |
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Definition
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Term
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Definition
1. I/S
2. R/E
3. Statement of C/F |
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Term
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Definition
| Beg. R/E + N/I - Div.=End R.E. |
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Term
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Definition
Acc. Methods deprecation methods
Due dates of major liabilities |
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Term
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Definition
| Income Statement Rev. + Exp., Inc. Summary, Dividends |
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Term
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Definition
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Term
| Closing Entries to Close Rev. |
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Definition
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Term
| Closing Entries to Close Exp. |
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Definition
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Term
| Closing Entries to Income Summary |
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Definition
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Term
| Closing Entries to Dividends |
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
| Make a profit, gain a benefit |
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Term
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Definition
| Having the financial ability to pay debts as they become due |
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Term
| Normal Order in which Financial Statements are prepared? |
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Definition
| Income Statement, Statement of Retained Earnings, Balance Sheet |
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Term
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Definition
| Revenue when earned, Expenses when occurred |
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