Study sets matching "accounting chapter 4"

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Accounting Chapter 4
account number
correcting entry
file maintenance
general ledger
The number assigned to an account.
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all accounts needed to prepare financi…
account number
The number assigned to an account.
correcting entry
A journal entry made to correct an error in a previous journa…
Chapter 4 Accounting Vocabulary
account number
correcting entry
file maintenance
general ledger
The number assigned to an account
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all accounts needed to prepare financi…
account number
The number assigned to an account
correcting entry
A journal entry made to correct an error in a previous journa…
10 terms
Accounting Chapter 4
The process of transferring the inform…
a group of accounts
a ledger that contains all accounts ne…
form used to record all information ab…
Posting
Ledger
General Ledger
Account
The process of transferring the inform…
Posting
a group of accounts
Ledger
7 terms
Accounting Chapter 4
Account Number
Correcting Entry
File Maintenance
General Ledger
The number assigned to an account.
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all account needed to prepare financia…
Account Number
The number assigned to an account.
Correcting Entry
A journal entry made to correct an error in a previous journa…
8 terms
Accounting Chapter 4 Terms
Ledger
General Ledger
Account Number
File Maintenance
Group of accounts
Ledger that contains all accounts needed to prepare financial…
Number assigned to account
Arranging accounts in a general ledger, assigning account num…
Ledger
Group of accounts
General Ledger
Ledger that contains all accounts needed to prepare financial…
8 terms
Accounting Chapter 4
ledger
general ledger
account number
file maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
ledger
A group of accounts
general ledger
A ledger that contains all accounts needed to prepare financi…
10 terms
Accounting Chapter 4 LSM
The process of transferring the inform…
a group of accounts
a ledger that contains all accounts ne…
form used to record all information ab…
Posting
Ledger
General Ledger
Account
The process of transferring the inform…
Posting
a group of accounts
Ledger
32 terms
Accounting Study Guide Chapter 4
Account number
Correcting entry
File Maintenance
General Ledger
The number assigned to an account
A journal entry made to correct an error in a previous journal
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all accounts needed to prepare financi…
Account number
The number assigned to an account
Correcting entry
A journal entry made to correct an error in a previous journal
8 terms
Accounting Chapter 4 Vocabulary
account number
correcting entry
file maintenance
general ledger
the number assigned to an account
an additional journal entry, used to correct an incorrect jou…
the procedure for arranging accounts in a general ledger, ass…
a ledger that contains all accounts needed to prepare financi…
account number
the number assigned to an account
correcting entry
an additional journal entry, used to correct an incorrect jou…
Accounting Chapter 4
account number
correcting entry
file maintenance
general ledger
the number assigned to an account.
an additional journal entry, used to correct an incorrect jou…
the procedure for arranging accounts in a general ledger, ass…
a ledger that contains all accounts needed to prepare financi…
account number
the number assigned to an account.
correcting entry
an additional journal entry, used to correct an incorrect jou…
7 terms
Chapter 4 Accounting Vocab
Ledger
General Ledger
Account number
File Maintenance
group of accounts
ledger that contains all accounts needed to prepare financial…
number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
Ledger
group of accounts
General Ledger
ledger that contains all accounts needed to prepare financial…
7 terms
Accounting I - Chapter 4
account number
correcting entry
file maintenance
general ledger
the number assigned to an account
an additional journal entry, used to correct an incorrect jou…
the procedure for arranging accounts in a general ledger, ass…
a ledger that contains all accounts needed to prepare financi…
account number
the number assigned to an account
correcting entry
an additional journal entry, used to correct an incorrect jou…
Accounting Terminology: Chapter 4
Accrue
Accumulated Depreciation
Adjusting Entries
Adjusted Trial Balance
To grow or accumulate over time... - Ex. interest expense
A contra asset account... Shown as a deduction from the related…
Entries made at the end of the accounting period for the purp…
A schedule indicating the balances ledger accounts after end-…
Accrue
To grow or accumulate over time... - Ex. interest expense
Accumulated Depreciation
A contra asset account... Shown as a deduction from the related…
13 terms
Chapter 4 - Accounting Terms
entry
journal
special amount column
source document
Information for each transaction recorded in a journal.
A form for recording transactions in chronological order.
A journal amount column headed with an account title.
A business paper from which information is obtained for a jou…
entry
Information for each transaction recorded in a journal.
journal
A form for recording transactions in chronological order.
Accounting Chapter 4
ledger
general ledger
account number
file maintenance
a group of accounts
a ledger that contains all accounts needed to prepare financi…
the number assigned to an account
the procedure for arranging accounts in a general ledger, ass…
ledger
a group of accounts
general ledger
a ledger that contains all accounts needed to prepare financi…
11 terms
Accounting Chapter 4
Accrued Expenses
Accrued Revenues
Adjusting Entries
Closing Entry
Previously unrecorded expenses that need to be adjusted at th…
Previously unrecorded revenues that need to be adjusted at th…
Entries necessary at the end of the accounting period to meas…
Made at the end of the accounting period to transfer balances…
Accrued Expenses
Previously unrecorded expenses that need to be adjusted at th…
Accrued Revenues
Previously unrecorded revenues that need to be adjusted at th…
9 terms
Accounting 1 Chapter 4
balance-ruled account form
ledger
general ledger
account title
form that has columns for the debit and credit balance
a group of accounts
a ledger that contains all accounts needed to prepare financi…
name given to an account
balance-ruled account form
form that has columns for the debit and credit balance
ledger
a group of accounts
12 terms
Accounting Chapter 4
balance-ruled account... form
ledger
general ledger
account title
a form that has columns for the debit and credit... balance,
A group of accounts
ledger that... contains all accounts needed to prepare financial…
The name given to an... account
balance-ruled account... form
a form that has columns for the debit and credit... balance,
ledger
A group of accounts
8 terms
Accounting- Chapter 4
Ledger
General Ledger
Account Number
File Maintenance
A group of accounts.
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account.
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts.
General Ledger
A ledger that contains all accounts needed to prepare financi…
Accounting Chapter 4
Account Number
Correcting entry
File maintenance
General Ledger
The number assigned to an account.
An additional journal entry made to correct an incorrect jour…
The procedure for arranging accounts in a general ledger, ass…
a ledger that contains all accounts needed to prepare to prep…
Account Number
The number assigned to an account.
Correcting entry
An additional journal entry made to correct an incorrect jour…
Accounting Chapter 4
Ledger
General Ledger
Account Number
File Maintenance
A group of accounts.
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account.
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts.
General Ledger
A ledger that contains all accounts needed to prepare financi…
Accounting: Chapter 4
Journal
Balance-Ruled Account Form
General Ledger
Ledger
Permanent record of debit and credit parts of each transactio…
If the form has columns for debit and credit balance
Contains all accounts needed to prepare financial statements
A group of accounts
Journal
Permanent record of debit and credit parts of each transactio…
Balance-Ruled Account Form
If the form has columns for debit and credit balance
13 terms
Glencoe Accounting Chapter 4
ledger
chart of accounts
double-entry accounting
T Account
a book where you keep information by account
a list of all accounts and their assigned account number
a system of recordkeeping in which each business transaction…
an accounting tool that shows increases or decreases that are…
ledger
a book where you keep information by account
chart of accounts
a list of all accounts and their assigned account number
32 terms
Accounting Chapter 4
5S
Activity-Based Costing (ABC)
Activity-Based Management (ABM)
Appraisal Costs
a workplace organization system comprised of the following st…
focuses on activities as the fundamental cost objects. the co…
using activity-based cost information to make decisions that…
costs incurred to detect poor-quality goods or services
5S
a workplace organization system comprised of the following st…
Activity-Based Costing (ABC)
focuses on activities as the fundamental cost objects. the co…
26 terms
College Accounting-Chapter 4
Depreciation
Indirect Labor
Incremental Revenue
Product Cost
The cost of a long-term asset spread over the period the asse…
The cost of production employees who do not physically manufa…
The additional revenue associated with an alternative.
A cost that is incurred to obtain or manufacture a product.
Depreciation
The cost of a long-term asset spread over the period the asse…
Indirect Labor
The cost of production employees who do not physically manufa…
12 terms
Accounting - Chapter 4
chart of accounts
credit
debit
double-entry accounting
a list of all accounts used by a business
an agreement to pay for a purchase at a later time; an entry…
an entry on the left side of an account
a system that recognizes the different sides of business tran…
chart of accounts
a list of all accounts used by a business
credit
an agreement to pay for a purchase at a later time; an entry…
8 terms
Chapter 4 Accounting Terms
ledger
account number
correcting entry
file maintenance
A group of accounts
The number assigned to an account.
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
ledger
A group of accounts
account number
The number assigned to an account.
27 terms
Accounting I Chapter 4
Ledger
General Ledger
Account number
Account title
a group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
the name given to an account
Ledger
a group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
14 terms
Accounting Chapter 4
journal
journalizing
special amount column
general amount column
a form for recording transactions in chronological order
recording transactions in a journal
a journal amount column headed with an account title
a journal amount column that is not headed with an account…
journal
a form for recording transactions in chronological order
journalizing
recording transactions in a journal
7 terms
Accounting Chapter 4
Ledger
General Ledger
Account Number
File Maintenance
a group of accounts
a ledger that contains all accounts needed to prepare financi…
the number assigned to an account
the procedure for arranging accounts in a general ledger, ass…
Ledger
a group of accounts
General Ledger
a ledger that contains all accounts needed to prepare financi…
Accounting Chapter 4
Account Number
Correcting Entry
File Maintenance
General Ledger
The number assigned to an account.
A journal entry made to correct an error in a previous journa…
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all account needed to prepare financia…
Account Number
The number assigned to an account.
Correcting Entry
A journal entry made to correct an error in a previous journa…
7 terms
Accounting Terms Chapter 4
ledger
general ledger
account number
file maintenance
a group of accounts
a group that contains all the accounts needed to prepare fina…
the number assigned to an account
the procedure for arranging accounts
ledger
a group of accounts
general ledger
a group that contains all the accounts needed to prepare fina…
25 terms
Chapter 4 - Accounting
Accrual-basis accounting
Accrued expenses
Accrued revenues
Adjusted trial balance
Accounting basis in which companies record, in the periods in…
Expenses incurred but not yet paid in cash or recorded
Revenues earned but not yet received in cash or recorded
A list of accounts and their balances after all adjustments h…
Accrual-basis accounting
Accounting basis in which companies record, in the periods in…
Accrued expenses
Expenses incurred but not yet paid in cash or recorded
Accounting Chapter 4
Account number
Correcting entry
File maintenance
General ledger
The number assigned to an account.
If a transaction has been improperly journalized and posted t…
The procedure for arranging accounts in a general ledger, ass…
A ledger that contains all accounts needed to prepare financi…
Account number
The number assigned to an account.
Correcting entry
If a transaction has been improperly journalized and posted t…
56 terms
Accounting Chapter 4
Internal Control
Integrated Framework(5)
Control Environment
Risk assessment
process that ensures reliable financial reporting, effective…
Control environment, risk assessment, control activities, Inf…
integrity and ethical values of the company
process of identifying risks that could result in misstated f…
Internal Control
process that ensures reliable financial reporting, effective…
Integrated Framework(5)
Control environment, risk assessment, control activities, Inf…
Century 21 Accounting Chapter 4
Ledger
General Ledger
Account Number
File Maintenance
A group of a accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of a accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
Accounting Chapter 4
Temporary Accounts
Permanent Accounts
correcting entry
Intangible assets
all revenue accounts, all expense accounts, dividends
all asset accounts, all liability accounts, equity
a journal entry made to correct an error in the ledger
long-term assets (e.g., patents, trademarks, copyrights) that…
Temporary Accounts
all revenue accounts, all expense accounts, dividends
Permanent Accounts
all asset accounts, all liability accounts, equity
8 terms
Accounting I - Chapter 4
ledger
general ledger
account number
file maintenance
A group of accounts.
A ledger that contains all accounts needed to prepare financi…
Then number assigned to an account.
The procedure for arranging accounts in a general ledger, ass…
ledger
A group of accounts.
general ledger
A ledger that contains all accounts needed to prepare financi…
8 terms
Chapter 4 Accounting Terms
ledger
general ledger
account number
file maintenance
accounts in groups
all accounts needed to complete financial staments
assigned number given to an account
way to keep accounts in a general ledger, assign account numb…
ledger
accounts in groups
general ledger
all accounts needed to complete financial staments
Accounting I, Chapter 4
Ledger
General Ledger
Account Number
File Maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number given to an account is the account number.
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
Accounting Terms Chapter 4
Check
Double-entry Accounting
Entry
General Journal
Business form for ordering a bank to pay cash from a bank acc…
Recording of debit and credit part of transactions
Information for each transaction recorded in a journal
A journal with 2 amount columns in which all kinds of entries…
Check
Business form for ordering a bank to pay cash from a bank acc…
Double-entry Accounting
Recording of debit and credit part of transactions
14 terms
Managerial Accounting Chapter 4
Cost of Production Report
Equivalent Units
First-In, First-Out (FIFO) Cost Method
Hybrid Cost System
A report which presents information about units, costs... charge…
The theoretical number of units that could have been produced…
A process costing method that presumes the beginning inventor…
One type of cost system is used for one phase of the producti…
Cost of Production Report
A report which presents information about units, costs... charge…
Equivalent Units
The theoretical number of units that could have been produced…
23 terms
ACCOUNTING CHAPTER 4
accounting cycle is
steps of accounting cycle
journal
transactions are entered in the journa…
a series of steps performed during each accounting period to…
step 1- analyze transactions... step 2 journalize the data about…
is a record of original entry; is a diary of business activit…
chronological order
accounting cycle is
a series of steps performed during each accounting period to…
steps of accounting cycle
step 1- analyze transactions... step 2 journalize the data about…
Accounting Chapter 4
Check
double-entry accounting
entry
general amount column
A business form ordering a bank to pay cash from a bank account
The recording of debit and credit parts of a transaction
Information for each transaction recorded in a journal
a journal amount column that is not headed with an account ti…
Check
A business form ordering a bank to pay cash from a bank account
double-entry accounting
The recording of debit and credit parts of a transaction
8 terms
Accounting: Chapter 4 Vocabulary
Ledger
General Ledger
Account Number
File Maintenance
A group of accounts
A ledger that contains all accounts needed to prepare financi…
The number assigned to an account
The procedure for arranging accounts in a general ledger, ass…
Ledger
A group of accounts
General Ledger
A ledger that contains all accounts needed to prepare financi…
Accounting Chapter 4
Journal
Journalizing
Entry
General Journal
A form for recording transactions in chronological order.
Recording transactions in a journal.
Information for each transaction recorded in a journal.
A journal with two amount columns in which all kinds of entri…
Journal
A form for recording transactions in chronological order.
Journalizing
Recording transactions in a journal.
44 terms
Chapter 4 Accounting
Accounting Cycle
Audit Trail
Balance Ledger Form
Chronological Order
a series of steps performed during each accounting period to…
a chain of references that makes it possible to trace informa…
a ledger account form that shows the balance of the account a…
organized in the order in which the events occur
Accounting Cycle
a series of steps performed during each accounting period to…
Audit Trail
a chain of references that makes it possible to trace informa…
Chapter 4 accounting
Intraperiod income tax presentation is…
The difference between single-step and…
Popson Inc. incurred a material loss w…
Provincial Inc. reported the following…
D. Allocation
B. Presentation
C. A separate line item within income from continuing operati…
B. 180000
Intraperiod income tax presentation is…
D. Allocation
The difference between single-step and…
B. Presentation
8 terms
Financial Accounting Chapter 4
Adjusted Trial Balance
Adjusting Journal Entries
Carrying Value (Net Book Value, Book V…
Contra-Account
A list of all accounts and their adjusted balances to check o…
Entries necessary at the end of each accounting period to rep…
The amount at which an asset or liability is reported after d…
An account that is an offset to, or reduction of, another acc…
Adjusted Trial Balance
A list of all accounts and their adjusted balances to check o…
Adjusting Journal Entries
Entries necessary at the end of each accounting period to rep…
44 terms
Accounting Chapter 4
An accounting time period that is one…
Which principle dictates that efforts…
The generally accepted accounting prin…
If revenues are recognized only when a…
a fiscal year.
Expense recognition principle.
revenue recognition principle.
Cash-basis
An accounting time period that is one…
a fiscal year.
Which principle dictates that efforts…
Expense recognition principle.
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