Study sets matching "accounting 1 chapter 8"

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Study sets matching "accounting 1 chapter 8"

6 terms
Accounting I - Chapter 8
accounting cycle
adjusting entries
closing entries
permanent accounts
the series of accounting activities included in recording fin…
journal entries recorded to update general ledger accounts at…
journal entries used to prepare temporary accounts for a new…
accounts used to accumulate information from one fiscal perio…
accounting cycle
the series of accounting activities included in recording fin…
adjusting entries
journal entries recorded to update general ledger accounts at…
Accounting 1 Chapter 8
work sheet
ruling
matching principle
net loss
A working paper used to collect information from the ledger a…
Drawing a line; a single rule (line) drawn under a column of…
Principle requiring that the expenses incurred in an accounti…
The amount by which total expenses exceed total revenue for t…
work sheet
A working paper used to collect information from the ledger a…
ruling
Drawing a line; a single rule (line) drawn under a column of…
20 terms
Accounting 1 Chapter 8
Internal Control
Physical Inventory
Control Environment
Risk Assessment
A process that achieves this goal by establishing the reliabi…
Facilitates control over merchandise inventory. Involves an a…
Created by managements overall attitude. awareness, and actio…
Identifying areas in which risks of loss of assets or inaccur…
Internal Control
A process that achieves this goal by establishing the reliabi…
Physical Inventory
Facilitates control over merchandise inventory. Involves an a…
Accounting 1- Chapter 8
accounting cycle
closing entries
permanent accounts
post-closing trial balance
the series of accounting activities included in recording fin…
journal entries used to prepare temporary accounts for a new…
accounts used to accumulate information for on fiscal period…
a trial balance prepared after the closing entries are posted
accounting cycle
the series of accounting activities included in recording fin…
closing entries
journal entries used to prepare temporary accounts for a new…
6 terms
Accounting 1 Chapter 8
Adjusting Entries
Permanent Accounts
Temporary Accounts
Closing Entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate inforamtion from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary accounts for a new…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
Permanent Accounts
Accounts used to accumulate inforamtion from one fiscal perio…
Accounting Chapter 8
Accounting Cycle
Adjusting Entries
Closing Entries
Permanent Accounts
The series of accounting activities included in recording fin…
Journal entries recorded to update general ledger accounts at…
Journal entries used to prepare temporary accounts for a new…
Accounts used to accumulate information from one fiscal perio…
Accounting Cycle
The series of accounting activities included in recording fin…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
9e Accounting 1 Chapter 8
adjusting entries
permanent accounts
temporary accounts
closing entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary account for a new f…
adjusting entries
Journal entries recorded to update general ledger accounts at…
permanent accounts
Accounts used to accumulate information from one fiscal perio…
5 terms
Cengage Accounting 1- Chapter 8
Pernament Accounts
Temporary Accounts
Closing Entries
Post Closing Trial Balance
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary accounts for a new…
A trial balance prepared after the closing entries are posted
Pernament Accounts
Accounts used to accumulate information from one fiscal perio…
Temporary Accounts
Accounts used to accumulate information until it is transferr…
9e Accounting 1 Chapter 8
adjusting entries
permanent accounts
temporary accounts
closing entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary account for a new f…
adjusting entries
Journal entries recorded to update general ledger accounts at…
permanent accounts
Accounts used to accumulate information from one fiscal perio…
5 terms
Accounting 1 Chapter 8
permanent accounts
temporary accounts
closing entries
post-closing trial balance
Accounts used to accumulate information from one fiscal perio…
accounts used to accumulate information until it is transferr…
journal entries used to prepare temporary accounts for a new…
a trial balance prepared after the closing entries are posted
permanent accounts
Accounts used to accumulate information from one fiscal perio…
temporary accounts
accounts used to accumulate information until it is transferr…
6 terms
Accounting 1 Chapter 8
Adjusting Entries
Permanent Accounts
Temporary Accounts
Closing Entries
journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
accounts used to accumulate information until it is transferr…
journal entries used to prepare temporary accounts for a new…
Adjusting Entries
journal entries recorded to update general ledger accounts at…
Permanent Accounts
Accounts used to accumulate information from one fiscal perio…
glencoe accounting 1 chapter 8
Balance sheet section
capital
heading
Trial balance section
The ____ of the work sheet includes all permanent general led…
A net income or loss will increase or decrease the ___ account.
The _____ explains the who, what, and when of the work sheet.
The ____ of the work sheet includes all the general ledger ac…
Balance sheet section
The ____ of the work sheet includes all permanent general led…
capital
A net income or loss will increase or decrease the ___ account.
Accounting 1 Chapter 8
Adjusting Entries
Permanent Accounts
Temporary Accounts
Closing Entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary accounts for a new…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
Permanent Accounts
Accounts used to accumulate information from one fiscal perio…
6 terms
Accounting 1 chapter 8
accounting cycle
adjusting entries
closing entries
permanent accounts
...
...
...
...
accounting cycle
...
adjusting entries
...
Accounting 1 Chapter 8
Adjusting Entries
Permanent Accounts
Temporary Accounts
Closing Entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary accounts for a new…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
Permanent Accounts
Accounts used to accumulate information from one fiscal perio…
20 terms
Accounting 1: Chapter 8
Trial Balance
Balance Sheet Section
Net Income
Credit
The first two columns of the trial balance are used to enter…
The permanent general ledger accounts are extended to the ___…
A ___ results when revenue is larger than expenses.
A net loss is entered in the ___ column of the income stateme…
Trial Balance
The first two columns of the trial balance are used to enter…
Balance Sheet Section
The permanent general ledger accounts are extended to the ___…
6 terms
Accounting Chapter 8 Vocabulary
accounting cycle
adjusting entries
closing entries
permanent accounts
the series of accounting activities included in recording fin…
journal entries recorded to update general ledger accounts at…
journal entries used to prepare temporary accounts for a new…
accounts used to accumulate information from one fiscal perio…
accounting cycle
the series of accounting activities included in recording fin…
adjusting entries
journal entries recorded to update general ledger accounts at…
6 terms
Accounting 1 Chapter 8 Vocabulary
adjusting entries
permanent accounts
temporary accounts
closing entries
journal entries recorded to update general ledger accounts at…
accounts used to accumulate information from one fiscal perio…
accounts used to accumulate information until it is transferr…
journal entries used to prepare temporary accounts for a new…
adjusting entries
journal entries recorded to update general ledger accounts at…
permanent accounts
accounts used to accumulate information from one fiscal perio…
8 terms
Accounting 1 Chapter 8 & 9 Vocab
worksheet
steps to complete a worksheet
steps to complete an Income Statement…
steps to complete a Statement of Chang…
working paper used to collect information from the general le…
1) heading Who? What? When-- For the Period Ending?... 2) accoun…
1) heading Who? What? When-- For the Period Ending?... 2) Sectio…
1) heading Who? What? When-- For the period ending...?... 2) sec…
worksheet
working paper used to collect information from the general le…
steps to complete a worksheet
1) heading Who? What? When-- For the Period Ending?... 2) accoun…
5 terms
Accounting 1 Chapter 8
Work Sheet
Ruling
Matching Principle
Net Income
A working paper used to collect information from the ledger a…
Drawing a line.
Principle requiring that the expenses incurred in an accounti…
...
Work Sheet
A working paper used to collect information from the ledger a…
Ruling
Drawing a line.
Accounting 1 chapter 8
Accounting cycle
Adjusting entries
Closing entries
Permanent accounts
The series of accounting activities included in recording fin…
Journal entries recorded to update general ledger accounts at…
Journal entries used to prepare temporary accounts for a new…
Accounts used to accumulate information from one fiscal perio…
Accounting cycle
The series of accounting activities included in recording fin…
Adjusting entries
Journal entries recorded to update general ledger accounts at…
5 terms
Accounting I ~ Chapter 8
matching principle
net income
net loss
ruling
Principle requiring that the expenses incurred in an accounti…
The amount by which total revenue exceeds total expenses for…
The amount by which total expenses exceed total revenue for t…
Drawing a line; a single rule (line) drawn under a column of…
matching principle
Principle requiring that the expenses incurred in an accounti…
net income
The amount by which total revenue exceeds total expenses for…
6 terms
Accounting Chapter 8
Accounting Cycle
Adjusting Entries
Closing Entries
Permanent Accounts
The series of accounting activities included in recording fin…
Journal entries recorded to update general ledger accounts at…
Journal entries used to prepare temporary accounts for a new…
Accounts used to accumulate information from one fiscal perio…
Accounting Cycle
The series of accounting activities included in recording fin…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
Accounting 1 (Chapter 8)
Sarbanes-Oxley Act
Internal Control
Publicly Held Companies
Objectives of Internal Control
Maintains public confidence and trust in the financial report…
The procedures and processes used by a company to 1) Safeguar…
Companies whose stock is traded on public exchanges.
1) Assets are safeguarded and used for business purposes, 2)…
Sarbanes-Oxley Act
Maintains public confidence and trust in the financial report…
Internal Control
The procedures and processes used by a company to 1) Safeguar…
Accounting 1 Chapter 8
Sarbanes-Oxley Act (SOX)
bank reconciliation
bank statement
cash
An act passed by the Congress to restore public confidence an…
The analysis that details the items responsible for the diffe…
A summary of all transactions mailed to the depositor or made…
Coins, currency (paper money), checks, money orders, and mone…
Sarbanes-Oxley Act (SOX)
An act passed by the Congress to restore public confidence an…
bank reconciliation
The analysis that details the items responsible for the diffe…
Accounting 1 Chapter 8
adjusting entries
permanent accounts
temporary accounts
closing entries
journal entries recorded to update general ledger accounts at…
accounts used to accumulate from one fiscal period to the next
accounts used o accumulate information until it is transferre…
journal entries used to prepare temporary accounts for a new…
adjusting entries
journal entries recorded to update general ledger accounts at…
permanent accounts
accounts used to accumulate from one fiscal period to the next
Accounting 1 Chapter 8
Adjusting entries
Permanent accounts
Temporary accounts
Closing entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary accounts for a new…
Adjusting entries
Journal entries recorded to update general ledger accounts at…
Permanent accounts
Accounts used to accumulate information from one fiscal perio…
5 terms
Accounting 1 chapter 8
permanent accounts
temporary accounts
closing entries
Post-closing trial balance
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary accounts for a new…
A trial balance prepared after the closing entries are posted.
permanent accounts
Accounts used to accumulate information from one fiscal perio…
temporary accounts
Accounts used to accumulate information until it is transferr…
15 terms
Accounting 1 chapter 8
Accounting cycle
Closing entries
Permanent account
Post closing trial balance
This series of accounting Activities included and recording f…
Journal entries used to compare temporary accounts for a new…
Accounts used to accumulate information from one fiscal perio…
A trial balance prepared after the closing entries are posted
Accounting cycle
This series of accounting Activities included and recording f…
Closing entries
Journal entries used to compare temporary accounts for a new…
6 terms
Accounting 1 Chapter 8
adjusting entries
permanent accounts
temporary accounts
closing entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary account for a new f…
adjusting entries
Journal entries recorded to update general ledger accounts at…
permanent accounts
Accounts used to accumulate information from one fiscal perio…
6 terms
Accounting 1 Chapter 8
Adjusting entries
Permanent accounts
Temporary accounts
Closing entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary accounts for a new…
Adjusting entries
Journal entries recorded to update general ledger accounts at…
Permanent accounts
Accounts used to accumulate information from one fiscal perio…
Accounting 1 - Chapter 8
Audit
bank collection
bank reconciliation
bank statement
the examination of financial statements by outside accountant…
collection of money by the bank on behalf of a depositor
process of explaining the reasons for the difference between…
document for a particular bank account showing its beginning…
Audit
the examination of financial statements by outside accountant…
bank collection
collection of money by the bank on behalf of a depositor
16 terms
Accounting I - Chapter 8
adjusting entries
permanent accounts
temporary accounts
closing entries
journal entries recorded to update general ledger accounts at…
accounts used to accumulate information from one fiscal perio…
accounts used to accumulate information until it is transferr…
journal entries used to prepare accounts for a new fiscal per…
adjusting entries
journal entries recorded to update general ledger accounts at…
permanent accounts
accounts used to accumulate information from one fiscal perio…
11 terms
Accounting 1, Chapter 8
Bank reconciliation
bank statement
deposit in transit
internal control structure
a company prepares this to analyze the difference between the…
summarizes the company's banking activities (deposits, paid c…
is a cash receipt that the company has added to its cash acco…
set of policies and procedures that directs how employees sho…
Bank reconciliation
a company prepares this to analyze the difference between the…
bank statement
summarizes the company's banking activities (deposits, paid c…
19 terms
Accounting 1 Chapter 8
bank reconciliation
bank statement
canceled checks
cash over and short
a report explaining any differences between the checking acco…
shows the activity of an account
checks the bank has paid and deducted from the customer's acc…
an income statement account recording the income effects of c…
bank reconciliation
a report explaining any differences between the checking acco…
bank statement
shows the activity of an account
5 terms
Accounting 1: Chapter 8
Work Sheet
Ruling
Matching Principle
Net Income
Definition: a working paper used to collect information from…
Definition: "drawing a line"
Definition: matching expenses incurred in an accounting perio…
Definition: the amount of revenue that remains after expenses…
Work Sheet
Definition: a working paper used to collect information from…
Ruling
Definition: "drawing a line"
22 terms
Accounting 1, Chapter 8 Vocabulary
Receivable
Debtor
Accounts Receivable
Notes Receivable
A monetary claim against a business or an individual.
The party to a credit transaction who takes on an obligation/…
The right to receive cash in the future from customers for go…
A written promise that a customer will pay a fixed amount of…
Receivable
A monetary claim against a business or an individual.
Debtor
The party to a credit transaction who takes on an obligation/…
5 terms
Accounting Chapter 8
work sheet
ruling
matching principle
net income
a working paper used to collect information from ledger accou…
a single line drawn under a column of figures to signify that…
principle stating that expenses are compared to revenues for…
amount of revenue that remains after expenses for the period…
work sheet
a working paper used to collect information from ledger accou…
ruling
a single line drawn under a column of figures to signify that…
14 terms
Principles of Accounting Level 1 - Chapter 8
Change in Accounting Method
Dissolution
Extraordinary Item
Initial Public Offering (IPO)
Adopting an alternative but still acceptable method of accoun…
The breakup of a partnership.
An event causing a gain or a loss that are both unusual in na…
A privately held company's offering of the first sales of its…
Change in Accounting Method
Adopting an alternative but still acceptable method of accoun…
Dissolution
The breakup of a partnership.
6 terms
Accounting 1: Chapter 8
The Journal entry to close expense acc…
Journal entry to close sales
Journal entry to close drawing
The journal entry to close income summ…
Debit: Income Summary... Credit: Expenses
Debit: Sales... Credit: Income Summary
Debit: Capital... Credit: Drawing
Debit: Income Summary... Credit: Capital
The Journal entry to close expense acc…
Debit: Income Summary... Credit: Expenses
Journal entry to close sales
Debit: Sales... Credit: Income Summary
6 terms
Accounting 1 Chapter 8 Terms
Adjusting Entries
Permanent Accounts
Temporary Accounts
Closing Entries
Journal entries recorded to update general ledger accounts
Accounts used to accumulate info from one fiscal period to th…
Accounts used to accumulate info until it is transferred to t…
Journal entries used to prepare temporary accounts for a new…
Adjusting Entries
Journal entries recorded to update general ledger accounts
Permanent Accounts
Accounts used to accumulate info from one fiscal period to th…
22 terms
Account 1 Chapter 8
Receivable
Debtor
Accounts Receivable
Notes Receivable
A monetary claim against a business or an individual
The party to a credit transaction who takes on an obligation/…
The right to receive cash in the future from customers for go…
A written promise that a customer will pay a fixed amount of…
Receivable
A monetary claim against a business or an individual
Debtor
The party to a credit transaction who takes on an obligation/…
Accounting 1 chapter 8 VOCAB
Accounts receivable
Notes receivable
Other receivables
Uncollectible receivables... What is a b…
are normally expected to be collected within a relatively sho…
are amounts that customers OWE for which a formal, written in…
expected to be collected within one year are classified as cu…
-Companies often sell their receivables to other companies.…
Accounts receivable
are normally expected to be collected within a relatively sho…
Notes receivable
are amounts that customers OWE for which a formal, written in…
22 terms
Accounting I Chapter 8
Receivable
Debtor
Accounts Receivable
Note Receivable
A monetary claim against a business or an individual
The party to a credit transaction who takes on an obligation/…
The right to receive cash in the future from customers for go…
A written promise that a customer will pay a fixed amount of…
Receivable
A monetary claim against a business or an individual
Debtor
The party to a credit transaction who takes on an obligation/…
Accounting 1 Chapter 8
Which accounting concept applies when…
After adjusting entries are posted, th…
Information needed for journalizing th…
Which accounting concept applies when…
Accounting Period Cycle
The cost of the supplies on hand at the end of the fiscal per…
Work sheet's Adjusting columns
Matching Expenses with Revenue
Which accounting concept applies when…
Accounting Period Cycle
After adjusting entries are posted, th…
The cost of the supplies on hand at the end of the fiscal per…
6 terms
Accounting Chapter 8
adjusting entries
permanent accounts
temporary accounts
closing entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it ... is transfer…
Journal entries used to prepare temporary accounts for ... a new…
adjusting entries
Journal entries recorded to update general ledger accounts at…
permanent accounts
Accounts used to accumulate information from one fiscal perio…
5 terms
Accounting Chapter 8
Permanent Accounts
Temporary Accounts
Closing Entries
Post-closing trial balance
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until it is transferr…
Journal entries used to prepare temporary accounts for a new…
A trail balance prepared after the closing entries are posted.
Permanent Accounts
Accounts used to accumulate information from one fiscal perio…
Temporary Accounts
Accounts used to accumulate information until it is transferr…
13 terms
Accounting Chapter 8
Balance sheet section
capital
heading
Trial balance section
The ____ of the work sheet includes all permanent general led…
A net income or loss will increase or decrease the ___ account.
The _____ explains the who, what, and when of the work sheet.
The ____ of the work sheet includes all the general ledger ac…
Balance sheet section
The ____ of the work sheet includes all permanent general led…
capital
A net income or loss will increase or decrease the ___ account.
6 terms
Accounting Chapter 8
Adjusting Entries
Permanent Accounts
Temporary Accounts
Closing Entries
Journal entries recorded to update general ledger accounts at…
Accounts used to accumulate information from one fiscal perio…
Accounts used to accumulate information until its transferred…
Journal entries used to prepare temporary accounts for a new…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
Permanent Accounts
Accounts used to accumulate information from one fiscal perio…
83 terms
Financial Accounting Chapter 8
Acid-test ratio
Commercial paper
Contingencies
Contingent gain
Cash, current investments, and accounts receivable divided by…
Borrowing from another company rather than from a bank
Uncertain situations that can result in a gain or a loss for…
An existing uncertain situation that might result in a gain
Acid-test ratio
Cash, current investments, and accounts receivable divided by…
Commercial paper
Borrowing from another company rather than from a bank
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