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Study sets matching "accounting cycle 2"

9 terms
2- accounting cycle
business transaction
account
accounts receivable
accounts payable
economic event that causes a change in A L or OE
summarizes the changes and shows balance for a specific item…
amount of money owed to a business by its customers on credit
money owed or payable to the creditors of business
business transaction
economic event that causes a change in A L or OE
account
summarizes the changes and shows balance for a specific item…
10 terms
Accounting test2 accounting cycle
1
2
3
4
Start with the begining account balances
Analyze and journalize transactions as they occur
Post journal entries to the accounts
Compute the unadjusted balance in each account and prepare th…
1
Start with the begining account balances
2
Analyze and journalize transactions as they occur
18 terms
Chapter 2: The Accounting Cycle
ACCOUNTING CYCLE: During the Period
ACCOUNTING CYCLE: End of Period
ACCOUNTING CYCLE: End of Year
Journal Entry: Cash Sales
1. External Information: Source Documents... 2. Analyze Transact…
5. Unadjusted Trial Balance... 6. Adjusting Entries... 7. Adjusted…
9. Close Temporary Accounts to Retained Earnings... 10. Post-Cl…
1] ... Dr Cash... Cr Sales Revenue... 2] ... Dr Cost of Goods Sold... Cr Inv…
ACCOUNTING CYCLE: During the Period
1. External Information: Source Documents... 2. Analyze Transact…
ACCOUNTING CYCLE: End of Period
5. Unadjusted Trial Balance... 6. Adjusting Entries... 7. Adjusted…
9 terms
Accounting Cycle
Source Document
Asset
Liability
Revenue
Where information is acquired to journalize business transact…
Something of value; a resource;
Debt
Income, sales
Source Document
Where information is acquired to journalize business transact…
Asset
Something of value; a resource;
15 terms
cycle 2 - accounting terms
accounts payable ledger
controlling account
cost of merchandise
employee earnings record
a subsidiary ledger containing only accounts for vendors from…
an account in a general ledger that summarizes all accounts i…
the price a business pays for goods it purchases to sell
a business form used to record details affecting payments mad…
accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
controlling account
an account in a general ledger that summarizes all accounts i…
22 terms
The Accounting Cycle- Lecture #2
Basic Accounting Equation
Normal balance
Debit
credit
Assets = Liabilities + Stockholders' Equity/Owners Equity
the side of the T-account on which the account increases
Left
right
Basic Accounting Equation
Assets = Liabilities + Stockholders' Equity/Owners Equity
Normal balance
the side of the T-account on which the account increases
9 terms
(2) The Accounting Cycle
What is a financial transaction?
What are the subsystems of the Expendi…
What are the subsystems of the convers…
What are the subsystems of the Revenue…
-an economic event that affects the assets and equities of th…
(financial components)... -Purchasing/Accounts Payable ... -Cash Di…
-Production Planning and control... -Cost Accounting
-Sales Order Processing (physical)... -Cash receipts (financial)
What is a financial transaction?
-an economic event that affects the assets and equities of th…
What are the subsystems of the Expendi…
(financial components)... -Purchasing/Accounts Payable ... -Cash Di…
58 terms
Unit 1- Review of The Accounting Cycle (Acct. 2)
Accountant
Accounting
Accounting Clerk
Accounting Equation
A person who handles a broad range of jobs related to the mak…
Planning, records, analyzing, and interpreting financial acti…
an entry-level job that can vary with the size of the company…
An equation showing the relationship among assets, liabilitie…
Accountant
A person who handles a broad range of jobs related to the mak…
Accounting
Planning, records, analyzing, and interpreting financial acti…
30 terms
ACCOUNTING L2 The Accounting Cycle: During the period
What is the equation for basic account…
What are the 5 Accounting categories?
What is Assets?
Types of assets?
What a business owns= Assets... What a business owes: Liabilitie…
- Assets... - Liabilities... - Owner's Equity... - Revenue... - Expense
-resources that business own and ... - can be expressed in monet…
Short term assets: current assets=> less than 1 year ... Long-te…
What is the equation for basic account…
What a business owns= Assets... What a business owes: Liabilitie…
What are the 5 Accounting categories?
- Assets... - Liabilities... - Owner's Equity... - Revenue... - Expense
8 terms
Accounting Cycle
Transactions
Journal Entries
Post to Ledger
Trial Balance
Identify the event as a transaction and generate the source d…
Transaction are recorded in the journal as a debit or a credit.
The journal entries are transferred to appropriate T-accounts…
To verify that the sum of the debits is equal to the sum of t…
Transactions
Identify the event as a transaction and generate the source d…
Journal Entries
Transaction are recorded in the journal as a debit or a credit.
13 terms
unit 2 account bank cycle
credit
creditor
property
financial claim
an agreement to pay for a purchase at a later time; an entry…
a business or person to whom money is owed
anything of value that a business or person owns and therefor…
legal right to an item
credit
an agreement to pay for a purchase at a later time; an entry…
creditor
a business or person to whom money is owed
66 terms
Accounting: Unit 2 Vocab (Basic Accounting Cycle)
double-entry accounting
ledger
credit
temporary capital accounts
financial record keeping system in which each business transa…
separate pages or cards in a book where accounts are kept
amount entered on the right side of the T account
revenue, expensive, and withdrawals accounts
double-entry accounting
financial record keeping system in which each business transa…
ledger
separate pages or cards in a book where accounts are kept
13 terms
Unit 2: The Basic Accounting Cycle
Property
Financial Claim
Credit
Creditor
Anything of value that a person or business owns and therefor…
A legal right to an item.
Buying something and agree to pay for it later.
The business or person selling you the item on credit.
Property
Anything of value that a person or business owns and therefor…
Financial Claim
A legal right to an item.
9 terms
unit 2 the basic accounting cycle
property
financial claim
credit
creditor
anything of value that a business or person owns and therefor…
legal right to an item
an agreement to pay for a purchase at a later time; an entry…
a business or person to whom money is owed.
property
anything of value that a business or person owns and therefor…
financial claim
legal right to an item
49 terms
Chapter 2: Review of the Accounting Cycle
economic events
external events
internal events
accounting equation
An event that directly affects the financial position of the…
Involve an exchange between the company and another entity.
Do not involve an exchange transaction but do affect the comp…
Assets = Liabilities + Owners' Equity
economic events
An event that directly affects the financial position of the…
external events
Involve an exchange between the company and another entity.
14 terms
accounting chapter 2: the accounting cycle: during the period
account
accounting cycle
chart of accounts
credit
a summary of the effects of all transactions related to a par…
full set of procedures used to accomplish the measurement/com…
a list of all account names used to record transactions of a…
right side of an account; indicates a decrease to asset, expe…
account
a summary of the effects of all transactions related to a par…
accounting cycle
full set of procedures used to accomplish the measurement/com…
19 terms
Chapter 2- Understanding the Accounting Cycle
T/F: Accruals and Deferrals are all ab…
Accounts Receivable
What concept do businesses often do wh…
Accounts Receivable falls under what i…
True. It's part of the matching concept introduced in Chapter…
Occurs when clients haven't paid yet, but promise to do so in…
In most cases, Businesses often use the 2/10/N/30 concept. Th…
Accounts receivable falls under the ASSET portion of the ALOE…
T/F: Accruals and Deferrals are all ab…
True. It's part of the matching concept introduced in Chapter…
Accounts Receivable
Occurs when clients haven't paid yet, but promise to do so in…
29 terms
Ch 2: Understanding the Accounting Cycle
accounts receivable
accrual
accrued expenses
adjusting entry
the amount of cash the company expects to collect in the future
a revenue or expense you then that is recognized before cash…
expenses that are recognized before cash is paid
the entry to recognize and accrued expense, it is only to upd…
accounts receivable
the amount of cash the company expects to collect in the future
accrual
a revenue or expense you then that is recognized before cash…
9 terms
Accounting Cycle
1. Source Documents
2. Journalize
3. Posting
4. Schedule of Accounts
analyze source documents for accuracy
transactions are journalized
post to the A/R ledger, A/P ledger, and the General Ledger
prepare the schedules of accounts receivable and accounts pay…
1. Source Documents
analyze source documents for accuracy
2. Journalize
transactions are journalized
10 terms
Accounting Cycle
1.
2.
3.
4.
Source documents
Transaction analysis
Journal
General ledger
1.
Source documents
2.
Transaction analysis
9 terms
Chapter 6: The Accounting Cycle (Part 2)
collect and verify source documents
analyze each transaction
journalize transactions
post to ledger
Step 1
Step 2
Step 3
Step 4
collect and verify source documents
Step 1
analyze each transaction
Step 2
17 terms
Accounting Cycle Quiz
closing entries
T-accounts
at the end
balance sheet
are journal entries made at the end of an accounting cycle, t…
are also called ledgers
when are adjusting entries made to distribute revenue and exp…
a financial statement that provides information about a compa…
closing entries
are journal entries made at the end of an accounting cycle, t…
T-accounts
are also called ledgers
9 terms
Accounting Cycle SEMESTER EXAM 2
Step 1
Step 2
Step 3
Step 4
Source documents are checked for accuracy, and transactions a…
Record transactions in journals, using information on source…
Post journal entries to the subsidiary ledgers and general le…
Prepare the schedules of accounts payable and accounts receiv…
Step 1
Source documents are checked for accuracy, and transactions a…
Step 2
Record transactions in journals, using information on source…
10 terms
The Accounting Cycle
Accounting Cycle
Source Document
Invoice
Receipt
The accounting period of a business is separated into activit…
A piece of paper that serves as evidence of a transaction
The _________ contains the date of the transaction; the quant…
A record of cash by a business. Piece of paper received after…
Accounting Cycle
The accounting period of a business is separated into activit…
Source Document
A piece of paper that serves as evidence of a transaction
24 terms
The Accounting cycle
FOB Destination
FOB shipping point
purchase order
credit memorandum
means that the supplier pays the shipping cost to the buyers…
means that the buyer pays the shipping charge from the suppli…
written offer to a supplier to buy certain items
is a doc prepared by the seller granting credit for damaged o…
FOB Destination
means that the supplier pays the shipping cost to the buyers…
FOB shipping point
means that the buyer pays the shipping charge from the suppli…
8 terms
Accounting Cycle
Step 1
Step 2
Step 3
Step 4
Analyze Transactions
Journalize
Post
Prepare Worksheet
Step 1
Analyze Transactions
Step 2
Journalize
9 terms
Accounting Cycle
Analyze transactions from Source Docum…
Record the Transactions in the Journal
Post the Journal Entries to the Genera…
Prepare a Trial Balance to Start the W…
1
2
3
4
Analyze transactions from Source Docum…
1
Record the Transactions in the Journal
2
8 terms
Accounting Cycle
1.
2.
3.
4.
Analyzed Transactions
Journalized
Post
Worksheet
1.
Analyzed Transactions
2.
Journalized
10 terms
Accounting Cycle
Analyze the transaction
Record the transaction
Post to ledger
Prepare trial balance
-
-
...
...
Analyze the transaction
-
Record the transaction
-
10 terms
accounting cycle
1
2
3
4
Transactions are analyzed and recorded in the journal.
Transactions are posted to the ledger.
An unadjusted trial balance is prepared.
Adjustment data are assembled and analyzed.
1
Transactions are analyzed and recorded in the journal.
2
Transactions are posted to the ledger.
22 terms
Unit 2: Basic Accounting Cycle - Service Business
Equities
File maintenance
Fiscal period
General ledger
Financial rights to the assets of a business
The procedure for arranging accounts in a general ledger, ass…
The length of time for which a business summarizes and report…
A ledger that contains all accounts needed to prepare financi…
Equities
Financial rights to the assets of a business
File maintenance
The procedure for arranging accounts in a general ledger, ass…
9 terms
Accounting Cycle
1
2
3
4
Analyze the transaction
Journalize the transaction
post to the general ledger
prepare the unadjusted trial balance
1
Analyze the transaction
2
Journalize the transaction
8 terms
Accounting Cycle
STEP 1
STEP 2
STEP 3
STEP 4
Analyze Transactions.
Journalize in general journal.
Post in general ledger.
Prepare a worksheet.
STEP 1
Analyze Transactions.
STEP 2
Journalize in general journal.
9 terms
Accounting Cycle
1
2
3
4
analyze transactions from source documents
record transactions in a journal (journalizing)
post from the journal to the ledger (posting)
prepare a trial balance
1
analyze transactions from source documents
2
record transactions in a journal (journalizing)
9 terms
Accounting Cycle
1
2
3
4
Analyze business transactions
Journalize the transactions
Post to ledger accounts
Prepare a trial balance
1
Analyze business transactions
2
Journalize the transactions
9 terms
Accounting Cycle
Step 1
Step 2
Step 3
Step 4
Analyze and classify transactions
Journalize transactions
Post transactions to the ledger
Prepare a worksheet
Step 1
Analyze and classify transactions
Step 2
Journalize transactions
10 terms
Accounting Cycle
1. Accounting Cycle
2. Accounting Cycle
3. Accounting Cycle
4. Accounting Cycle
Analyze Transactions
Journalize
Post
Prepare unadjusted trial balance
1. Accounting Cycle
Analyze Transactions
2. Accounting Cycle
Journalize
44 terms
Unit 2: Basic Accounting Cycle - Service Business
Account
Account balance
Account number
Account title
A record summarizing all the information pertaining to a sing…
The amount in an account
The number assigned to an account
The name given to an account
Account
A record summarizing all the information pertaining to a sing…
Account balance
The amount in an account
9 terms
The Accounting Cycle
1
2
3
4
Collect and verify source docements
Analyze each transaction
Journalize each transaction
Post to the ledger
1
Collect and verify source docements
2
Analyze each transaction
12 terms
Accounting cycle
1
2
3
4
Making a transaction
Recording transaction in journal
Posting journal to ledger at the end of every month
Drawing up trial balance
1
Making a transaction
2
Recording transaction in journal
8 terms
Accounting Cycle
Step 1
Step 2
Step 3
Step 4
Source documents are checked for accuracy, and transactions a…
Transactions, from source documents, are recorded in a journal
Journal entries are posted to a general ledger
A work sheet, including trial balance, is prepared from the GL
Step 1
Source documents are checked for accuracy, and transactions a…
Step 2
Transactions, from source documents, are recorded in a journal
8 terms
Accounting Cycle
Step 1
Step 2
Step 3
Step 4
source documents are checked for accuracy, and transactions a…
transactions, from information on source documents are record…
journal entries are posted to the general ledger
a work sheet, including trial balance, is prepared fro the ge…
Step 1
source documents are checked for accuracy, and transactions a…
Step 2
transactions, from information on source documents are record…
10 terms
Accounting Cycle
Step 1
Step 2
Step 3
Step 4
Transactions are analyzed and recorded in the journal
Transactions are posted to the ledger
An unadjusted trial balance is prepared
Adjustment data are assembled and analyzed
Step 1
Transactions are analyzed and recorded in the journal
Step 2
Transactions are posted to the ledger
8 terms
the accounting cycle
1
2
3
4
analyze transactions
jounralize
post
prepare a worksheet
1
analyze transactions
2
jounralize
8 terms
Accounting Cycle
Step 1
step 2
step 3
step 4
Source documents are checked for accuracy, and transactions a…
Transactions, from information on source documents, are recor…
Journal entries are posted to the general ledger
A work sheet, including a trial balance, is prepared from the…
Step 1
Source documents are checked for accuracy, and transactions a…
step 2
Transactions, from information on source documents, are recor…
21 terms
Unit 2: Basic Accounting Cycle - Service Business
Account
Account balance
Account number
Account title
A record summarizing all the information pertaining to a sing…
The amount in an account
The number assigned to an account
The name given to an account
Account
A record summarizing all the information pertaining to a sing…
Account balance
The amount in an account
8 terms
The Accounting Cycle
First step of the Accounting Cycle
Second step of the Accounting Cycle
Third step of the Accounting Cycle
Fourth step of the Accounting Cycle
Record transactions in the General Journal
Post the journal entries to the appropriate Ledger account
Prepare a Trial Balance
Make end-of-period adjustments
First step of the Accounting Cycle
Record transactions in the General Journal
Second step of the Accounting Cycle
Post the journal entries to the appropriate Ledger account
22 terms
accounting cycle
asset
liability
equity
revenue
Increase: debit... decrease: credit ... normal balance: debit
increase: credit ... decrease: debit ... normal balance: credit
increase: credit... decrease: debit... normal balance: credit
increase: credit... decrease: debit... normal balance: credit
asset
Increase: debit... decrease: credit ... normal balance: debit
liability
increase: credit ... decrease: debit ... normal balance: credit
14 terms
Ch. 2: The Accounting Cycle: During the Period
account
accounting cycle
chart of accounts
credit
a summary of the effects of all transactions related to a par…
full set of procedures used to accomplish the measurement/com…
a list of all account names used to record transactions of a…
right side of an account; indicates a decrease to asset, expe…
account
a summary of the effects of all transactions related to a par…
accounting cycle
full set of procedures used to accomplish the measurement/com…
9 terms
the accounting cycle
step 1
step 2
step 3
step 4
collect and verify source documents
analyze each transaction
journalize each transaction
post to ledger
step 1
collect and verify source documents
step 2
analyze each transaction
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