Term
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Definition
1. Event
2. Journalize
3. Post to GL
4. Unadjusted TB |
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Term
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Definition
5. (Event) - End of the period
6. Adjusting Entries
7. Post the Adjusting to GL
8. Prepare Adjusted TB |
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Term
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Definition
9. Prepare Financial Statements
10. Close Entries
11. Post the Closing Entries to GL
12. Post-Closing TB |
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Term
Which of the following are nominal accts:
a) Income Statement
b) Dividends
c) Revenues and Expenses
d) gains and losses |
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Definition
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Term
| An account that always stays open and is a balance sheet account |
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Definition
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Term
| Examples of Contra Accounts |
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Definition
| A/D, Sales Discount, Allowance for Doubtful Accts |
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Term
| If Revenue is _________, then a cash entry awaits. |
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Definition
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Term
2 Rules of AJE:
1) Never includes _____
2) At least _ real acct and _ nominal acct (#) |
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Definition
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Term
| Adjusting entries are either ______ or _____ |
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Definition
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Term
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Definition
| Revenue is recognized before cash is realized |
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Term
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Definition
| Expense is incurred before cash is paid |
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Term
Accrued Revenues are
a) assets
b) liabilies
c) revenues
d) expenses |
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Definition
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Term
| Accrued Expenses are a) assets b) liabilies c) revenues d) expenses |
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Definition
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Term
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Definition
Cash changes hands before:
1) Revenue is recognized
OR
2) Expense is incurred |
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Term
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Definition
| Cash is realized before revenue is recognized |
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Term
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Definition
| Cash is paid before expense is incurred |
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Term
| List the order of financial statements |
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Definition
1. Income Statement(then, NI is transferred to->
2. Statement of Retained Earnings(End RE transfers to
3. Balance Sheet
4. Statement of Cash Flows |
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