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| a special journal used to record only the sale of merchandise on account |
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| used for journalizing a specific kind of business transaction |
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| all transactions involving incoming cash are recorded in the |
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| lists of all creditors in the accounts payable ledger, the balance in each account, and the total amount owed |
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| schedule of accounts payable |
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| the process of determining whether the amounts of cash recorded in a business's accounting records and the amounts in its checkbook agree |
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| a special journal used to record all transactions in which items are brought on account is the... |
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| are journalized just as if they were cash sales |
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| at the start of a fiscal period, the merchandise a business has on hand is called the |
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| an amount added to or subtracted from an account balance to bring that balance up to date |
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| the title of the account used to make the adjustment for merchandise inventory is |
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| the merchandise a business has on hand at the end of the fiscal period |
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| is taken to acutally count by hand the items in stock |
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| the changes that have taken place in the Retained Earnings Account during the period are reported on the... |
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Definition
| statement of retained earnings |
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| represent the increase in stockholders' equity from net income held by a corporation and not distributed back to the stockholders as a return on their investment |
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| ___on sales is the amount of profit made during the period before expenses are deducted |
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| the amount of sales during the pay period less any sales discounts, returns, or allowances is |
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| the cash spent of the assets consumed to earn revenue for a business are |
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| represents the total investment in the corporation by its stockholders |
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| is the term used to mean the amount of all costs related to merchandise purchased during the period |
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| allows accounting information to be compared from one fiscal period to another |
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| relates to the confidence that users have that the financial information is reasonably free from bias |
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| means that the information has a bearing on a decision is presented it "makes a difference" to a user in reaching a business decision |
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| in financial reporting means that information deemed relevant or large enough to matter should be included in the reports |
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| each dollar amount reported on a financial statement is also reported as a % of another amount |
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| is a year or period used for comparison purposes |
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| the amount by which current assets exceed current liabilities is known as |
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| income amounts, expense amounts and Beginning and Ending Merchandise Inventory appear on the |
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| asset liability and capital accounts appear on the |
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| retained earnings, beginning of period and retained earnings, ending of period appear on the |
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Definition
| statement of retained earnings |
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| only the permanent accounts appear on the |
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Definition
| post-closing trial balance |
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| journal entries that are made to transfer the balances of temporary accounts to a permanent account are called |
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| is the report prepared at the end of the fiscal period to test the equality of the general ledger after all adjusting and closing entries have been posted |
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| post-closing trial balance |
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| are used to record information during the fiscal period; their balances are transferred to a permanent account at the end of the accounting period |
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| the source of information for the adjusting entries is the... |
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| adjustments section of the work sheet |
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| expense and revenue accounts, dividends and income summary are |
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| accounts affected by closing entries are the |
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Term
| for a _____ the balance of the income summary acount is closed into retained earnings |
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Term
| journal entries that are made to transfer the balances of temporary accounts to a permanent account are called |
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| report prepared at the end of the fiscal period to test the equality of the general ledger after all adjusting and closing entries have been posted |
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Definition
| post-closing trial balance |
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| are used to record information during the fiscal period; their balances are transferred to a permanent account at the end of the accounting period |
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| column total written in small pencil figures |
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| the comparison of the same items on financial reports for two or more accoutning periods |
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