Term
| Where do the balances for the trial balance on a worksheet come from? |
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Definition
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Term
| After adjustments are posted, what balances in the worksheet will agree with the Gen. Ledger? |
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Definition
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Term
| Dr. exceeds Cr. in Income Statement? |
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Definition
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Term
| Where are additional accounts added in a worksheet? |
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Definition
| To the bottom, in that order |
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Term
| When are adjustments journalized when using a worksheet? |
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Definition
| After financial statements |
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Term
| How is Net Income computed on a worksheet? |
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Definition
| Difference between Dr & Cr on Income Statement |
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Term
| What accounts are closed using closing entries? |
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Definition
| Temporary: Revenue, Expense, Dividends |
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Term
| Why are closing entries prepared? |
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Definition
| Transferring net income/dividends to retained earnings |
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Term
| Is Income Summary temp. or premanent? |
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Definition
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Term
| What entry is made to close dividends to retained earnings? |
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Definition
Dr-Retained Earnings
Cr-Dividends |
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Term
| How are accounts closed during the closing process? |
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Definition
4 closing entries
Revenue to Inc. Summ.: Dr-Revenue Cr-Inc. Summ.
Expenses to Inc. Summ.: Dr-Inc. Summ. Cr-Expenses
Inc. Summ. to Retained Earnings: Dr-Inc. Summ. Cr-Ret. Earn.
Dividends to Retained Earnings: Dr-Ret. Earn. Cr-Dividends |
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Term
| Balance of Income Summary after revenue and expenses are closed? |
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Definition
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Term
| Present accounts on a post-closing-trial balance? |
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Definition
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Term
| What is the purpose of the Post-Closing-Trial Balance? |
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Definition
| Prove equality of permanent accounts to carry forward |
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Term
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Definition
| Cash, Acc. Rec., Supplies, Prepaids |
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Term
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Definition
| Stock/Bonds of other Co., Vacant Building/Property |
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Term
| Property, Plant, Equipment |
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Definition
| Land/Building/Equipment currently in use |
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Term
| Ordering of Current Assets? |
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Definition
| Cash, Acc. Rec., Inventory, Prepaids |
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Term
| Order of the 4 classes of assets on the Classified Balance Sheet? |
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Definition
Current Assets
Long-Term Investments
PPE
Intangible Assets(Patents) |
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Term
| Net Income from operations computed? |
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Definition
Gross Profit
Less: Operating Exp.
=Operating Income |
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Term
| Two categories of expenses for merchandisers? |
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Definition
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Term
| What is Sales minus COGS called? |
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Definition
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Term
| When is COGS determined using Periodic? |
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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
| Computer Purchase and Sales Discounts |
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Definition
Flip of bought transaction
(Returns:Discount is off NEW amount) |
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Term
| Freight journalized as a seller? |
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Definition
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Term
| Freight journalized as a purchaser? |
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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
| Future credit because it wasn't what you wanted (Kept goods) |
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Term
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Definition
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Term
| Sales Returns and Allowances (Normal Balance)? |
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Definition
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Term
| Sales Discounts (Normal Balance)? |
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Definition
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Term
| Single-Step vs Multi-Step Income Statements |
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Definition
Single: Revenues-Expenses=Net Income
Multi: *End of Ch 6* |
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Term
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Definition
| Beginning Inventory+Purchases=COGA |
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Term
| In period of rising prices, which inventory method results in the lowest taxes? |
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Definition
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