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Rust Accounting-Ch 8

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7th step of the accounting cycle

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Date created

Mar 1, 2020

Cards (24)

Section 1

(24 cards)

7th step of the accounting cycle

Front

post adjusting and closing entries

Back

8th step of the accounting cycle

Front

prepare post-closing trial balance

Back

permanent accounts

Front

accounts used to accumulate information from one fiscal period to another

Back

posting-closing trial balance

Front

a financial statement prepared after closing entries are posted; verifies debits = credits

Back

2nd step of the accounting cycle

Front

journalize

Back

adjusting entries

Front

journal entries recorded to update general ledger accounts at the end of the fiscal period

Back

examples of permanent accounts

Front

assets liabilities owner's equity

Back

work sheet

Front

an accounting form used to summarize the general ledger information; needed to prepare financial statements

Back

normal balance of income summary

Front

it doesn't have one

Back

adjusting entry for prepaid insurance

Front

debit-insurance expense credit-prepaid insurance

Back

real accounts

Front

another name for permanent accounts

Back

income summary

Front

a general ledger account that is used to summarize the closing entries for revenue and expense accounts

Back

4th step of the accounting cycle

Front

prepare a worksheet

Back

examples of temporary accounts

Front

revenues expenses drawing income summary

Back

nominal accounts

Front

another name for temporary accounts

Back

5th step of the accounting cycle

Front

prepare financial statements

Back

accounting cycle

Front

series of accounting activities included in recording financial information for a fiscal period

Back

closing entries

Front

journal entries used to prepare temporary accounts for a new fiscal period

Back

zero

Front

the balance remaining of a temporary account after it is closed

Back

temporary accounts

Front

accounts used to accumulate information until it is transferred to the owner's capital account

Back

3rd step of the accounting cycle

Front

post

Back

6th step of the accounting cycle

Front

journalize adjusting and closing entries

Back

1st step of the accounting cycle

Front

analyze transactions

Back

adjusting entry for supplies

Front

debit-supplies expense credit-supplies

Back