Study sets matching "term:accounting cycle 2 = posting"

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Study sets matching "term:accounting cycle 2 = posting"

71 terms
Accounting Post Exam 2
Capital Structure
Two ways that a company can borrow money
Bond
Advantages of issuing bonds
The mixture of debt and equity a company uses to finance its…
1. Private Placement... 2. Public Issuance (Bonds)
A security that a corporation or governmental agency issues w…
- Stockholders maintain control... - Interest expense is tax ded…
Capital Structure
The mixture of debt and equity a company uses to finance its…
Two ways that a company can borrow money
1. Private Placement... 2. Public Issuance (Bonds)
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…
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…
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
10 terms
Accounting Cycle Part 2
6
7
8
9
to make sure that debits equal credits. The trial balance is…
Correct any discrepancies in the trial balance. If the column…
Prepare adjusting entries to record accrued, deferred, and es…
Post adjusting entries to the ledger accounts.
6
to make sure that debits equal credits. The trial balance is…
7
Correct any discrepancies in the trial balance. If the column…
Accounting Cycle part 2
Estimates
Depreciation
Worksheet Preparation
Worksheet
function of future events and developments
the process of computing expense by allocating the cost over…
-done to coordinate and substantiate work done... -financial sta…
tool to facilitate the preparation of adjusting and closing e…
Estimates
function of future events and developments
Depreciation
the process of computing expense by allocating the cost over…
10 terms
Accounting Cycle PT2
Step 6
Step 7
Step 8
Step 9
Prepare the trial balance to make sure that debits equal cred…
Correct any discrepancies in the trial balance. If the column…
Prepare adjusting entries to record accrued, deferred, and es…
Post adjusting entries to the ledger accounts
Step 6
Prepare the trial balance to make sure that debits equal cred…
Step 7
Correct any discrepancies in the trial balance. If the column…
accounts cycle 2
6
7
8
9
prepare the trial balance to make sure the debits equal credits
correct any discrepancy in the trial balance
prepare adjusting entries to record accrued
post adjusting entries to the ledger account
6
prepare the trial balance to make sure the debits equal credits
7
correct any discrepancy in the trial balance
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…
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
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…
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
34 terms
the basic accounting cycle unit 2
double entry account
ledger
credit
temporary capital accounts
financial recordkeeping system in which each business transac…
accounts used by a business are kept on separate pages called…
amount entered on the right side of the T account
revenue, expenses, and withdrawals accounts are called ________
double entry account
financial recordkeeping system in which each business transac…
ledger
accounts used by a business are kept on separate pages called…
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
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.
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.
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
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…
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…
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…
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
Unit 2 Terms: Basic Accounting Cycle
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
153A Post-MT2 (Citric Acid Cycle)
What occurs immediately after glycolys…
Pyruvate dehydrogenase complex
How much ATP are NADH and FADH2 worth?
Where does TPP come in in the citric a…
Pyruvate moves form the cytoplasm to the mitochondrial matrix…
multi-subunit complex consisting of three types of enzymes:... E…
NADH=2.5 ATP... FADH2=1.5 ATP
sits on the E1 enzyme for the first step and also comes in in…
What occurs immediately after glycolys…
Pyruvate moves form the cytoplasm to the mitochondrial matrix…
Pyruvate dehydrogenase complex
multi-subunit complex consisting of three types of enzymes:... E…
13 terms
Completing the Accounting Cycle - Closing Entries & Post-Closing Trial Balance - Chapter 5
Temporary Accounts
Closing Process
Closing Entries
Income Summary Account
accounts who balances are not carried over from one accountin…
the process of transferring the balances of temporary account…
entries made at the end of an accounting period to transfer t…
a clearing account used to summarize the balances of revenue…
Temporary Accounts
accounts who balances are not carried over from one accountin…
Closing Process
the process of transferring the balances of temporary account…
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
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…
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…
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
14 terms
Ch2: The Accounting Cycle: During the Period
accounting cycle
external transaction
internal transactions
account
set of procedures used to accomplish this 2 step measurement/…
transactions the firm conducts with a separate economic entit…
events that affect the financial position of the company but…
summarizes all transactions related to a particular item over…
accounting cycle
set of procedures used to accomplish this 2 step measurement/…
external transaction
transactions the firm conducts with a separate economic entit…
20 terms
Accounting Test 2, Post Quiz 21
Direct materials cost that varies with…
The range of activity over which chang…
Variable costs are costs that vary on…
Total variable costs change as the lev…
False:... fixed costs are costs that remain the same in total do…
True
False:... Variable costs are costs that vary in proportion to ch…
True
Direct materials cost that varies with…
False:... fixed costs are costs that remain the same in total do…
The range of activity over which chang…
True
24 terms
Chapter 2: The Accounting Cycle (During the Period)
compound transaction
dividends
expenses
assets
transactions that affect more than two accounts
What does DEALOR stand for? (d)
What does DEALOR stand for? (e)
What does DEALOR stand for? (a)
compound transaction
transactions that affect more than two accounts
dividends
What does DEALOR stand for? (d)
Chapter 2: Accounting cycle, during period
How to measure business activities
External tranactions
Internal transactions
Chart of accounts
1. Identify accounts affected by transactions... 2. Analyze the…
Transactions the firm conducts with a separate economic entit…
Events that affect the financial position of the company but…
A list of all account names used to record transactions of a…
How to measure business activities
1. Identify accounts affected by transactions... 2. Analyze the…
External tranactions
Transactions the firm conducts with a separate economic entit…
17 terms
Accounting Test 2, post quiz 22
A formal written statement of manageme…
Budgetary slack can be avoided if lowe…
The budget procedures used by a large…
The budget procedure that requires all…
True
True
False
True
A formal written statement of manageme…
True
Budgetary slack can be avoided if lowe…
True
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.
23 terms
Chapter 2- The Accounting Cycle: During the Period
Accounting Cycle
External Transactions
Internal Transactions
Account
Full set of procedures used to accomplish the measurement/com…
Transactions the firm conducts with a separate economic entity
Events that affect the financial position of the company but…
A summary of all transactions related to a particular item ov…
Accounting Cycle
Full set of procedures used to accomplish the measurement/com…
External Transactions
Transactions the firm conducts with a separate economic entity
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 acount names used to record transactions of a c…
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…
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…
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 acount names used to record transactions of a c…
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…
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…
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…
Chapter 2: The Accounting Cycle: During the Period
external transactions
account
T-account
General Ledger
transactions the firm conducts with a separate economic entity
A summary of the effects of all transactions related to a par…
A simplified form of a general ledger account with space at t…
A single location that provides a list of transactions affect…
external transactions
transactions the firm conducts with a separate economic entity
account
A summary of the effects of all transactions related to a par…
7 terms
Accounting 2331 Chapter 2: The accounting cycle during the period.
External Transaction
Internal Transaction
Six steps in Measuring External Transa…
Type of accounts
are transactions the firm makes with a separate economic enti…
events that affect the financial position of the company but…
Step 1: utilize source documents to identify accounts affecte…
Asset accounts- cash, supplies, and Equipment... Liability accou…
External Transaction
are transactions the firm makes with a separate economic enti…
Internal Transaction
events that affect the financial position of the company but…
Chapter 2 Glossary: 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…
44 terms
Unit 2 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
11 terms
Exercise 2-5: The Accounting Processing Cycle
Record of the dual effect of a transac…
Internal events recorded at the end of…
Primary means of disseminating informa…
To zero out the owners' equity tempora…
journal
Adjusting entries
financial statements
closing entries
Record of the dual effect of a transac…
journal
Internal events recorded at the end of…
Adjusting entries
10 terms
Quiz 1 (chapter 1,2, accounting cycle)
The accounting profession has attempte…
the federal government established the…
a national professional orginization
selects the members of the FASB and th…
Generally Accepted Accounting Principles (GAAP)
SEC (Securities and Exchange Commissions)
AICPA (American Institute of CPAs)
FAF (Financial Accounting Foundation)
The accounting profession has attempte…
Generally Accepted Accounting Principles (GAAP)
the federal government established the…
SEC (Securities and Exchange Commissions)
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 indicate a decrease to ask it expens…
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…
The Accounting Cycle: During the Period- Chapter 2
External tranasctions
Internal transactions
Account
Asset accounts
Transactions conducted with a separate economic entity (credi…
Events that affect the financial position of the company but…
Summary of all transactions related to a particular item over…
Cash, supplies, and equipment
External tranasctions
Transactions conducted with a separate economic entity (credi…
Internal transactions
Events that affect the financial position of the company but…
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