Study sets matching "terms accounting cycle"

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Study sets matching "terms accounting cycle"

17 terms
Accounting Cycle
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
71 terms
Accounting: Cycle 1 terms
Accounting
Accounting System
Accounting Records
Service Business
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
A business that performs an activity for a fee.
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
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
Chapter 4 - Completing the Accounting Cycle (Accounting Terms)
accounting cycle
clearing account
closing entries
closing process
The process that begins with analyzing and journalizing trans…
Another name for the income summary account because it has th…
The entries that transfer the balances of the revenue, expens…
The transfer process of converting temporary account balances…
accounting cycle
The process that begins with analyzing and journalizing trans…
clearing account
Another name for the income summary account because it has th…
Accounting Cycle Terms
Permanent (Real) Accounts
Temporary (Nominal) Accounts
Income Summary Account
Current Assets
This a balance sheet account, where the balance at the end of…
These are accounts that affect retained earnings (rev., exp.,…
Transitional account into which all income statement revenue…
Cash and other assets expected to be used or converted into c…
Permanent (Real) Accounts
This a balance sheet account, where the balance at the end of…
Temporary (Nominal) Accounts
These are accounts that affect retained earnings (rev., exp.,…
Accounting: Cycle 1 terms
Accounting
Accounting System
Accounting Records
Service Business
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
A business that performs an activity for a fee.
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
71 terms
Accounting: Cycle 1 terms
Accounting
Accounting System
Accounting Records
Service Business
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
A business that performs an activity for a fee.
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
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…
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.
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
Accounting Cycle
1.
2.
3.
4.
Source documents
Transaction analysis
Journal
General ledger
1.
Source documents
2.
Transaction analysis
the accounting cycle
1
2
3
4
Transactions. Source documents. Transaction division begins
journalize
Post to ledger
Ledger Trial Balance. Transaction division ends
1
Transactions. Source documents. Transaction division begins
2
journalize
7 terms
Accounting Cycle
Step 1
Step 2
Step 3
Step 4
Enter the transactions of the period in appropriate journals
Post from the journals to the ledger (or ledgers).
Take an un-adjusted trial balance (trial balance).
Prepare adjusting journal entries and post to the ledger(s).
Step 1
Enter the transactions of the period in appropriate journals
Step 2
Post from the journals to the ledger (or ledgers).
25 terms
Accounting Cycle Vocab
Accounting Equation
Assets
Liabilities
Owner's Equity
Assets = Liabilities + Owner's Equity
Anything of value that is owned or controlled by an individua…
The amount of money owed to a business' creditors
The account that represents the owner's investment in the bus…
Accounting Equation
Assets = Liabilities + Owner's Equity
Assets
Anything of value that is owned or controlled by an individua…
26 terms
Chapter 4 - Completing the Accounting Cycle (Accounting Terms)
accounting cycle
clearing account
closing entries
closing process
The process that begins with analyzing and journalizing trans…
Another name for the income summary account because it has th…
The entries that transfer the balances of the revenue, expens…
The transfer process of converting temporary account balances…
accounting cycle
The process that begins with analyzing and journalizing trans…
clearing account
Another name for the income summary account because it has th…
7 terms
The Accounting Cycle
1
2
3
4
Analyze the transactions
Journalize the transactions
Post to the ledger
Prepare a trial balance
1
Analyze the transactions
2
Journalize the transactions
15 terms
Chapter 4 - Completing the Accounting Cycle (Accounting Terms)
accounting cycle
clearing account
closing entries
closing process
The process that begins with analyzing and journalizing trans…
Another name for the income summary account because it has th…
The entries that transfer the balances of the revenue, expens…
The transfer process of converting temporary account balances…
accounting cycle
The process that begins with analyzing and journalizing trans…
clearing account
Another name for the income summary account because it has th…
Chapter 4 Terms to Know The Accounting Cycle Continued
Accrued Salaries Payable
Accumulated Depreciation
Adjusting
Book Value
Salaries that are earned by employees but unpaid and unrecord…
A contra-asset account that summarizes or accumulates the amo…
The process of calculating the latest up-to-date balance of e…
Cost of an asset (for example, equipment) less accumulated de…
Accrued Salaries Payable
Salaries that are earned by employees but unpaid and unrecord…
Accumulated Depreciation
A contra-asset account that summarizes or accumulates the amo…
Accounting Cycle
Step 1
Step 2
Step 3
Step 4
Analyze Transactions
Journalize
Post
Prepare Worksheet
Step 1
Analyze Transactions
Step 2
Journalize
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
Accounting Cycle
1
2
3
4
collect and verify source documents
analyze each transaction
journalizing each transaction
post to the ledger
1
collect and verify source documents
2
analyze each transaction
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)
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
Accounting Cycle
Starts with the source documents. Unde…
Journalize all the transactions
Post all journal entries to the ledger
Prepare a Trial Balance
1
2
3
4
Starts with the source documents. Unde…
1
Journalize all the transactions
2
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
Accounting Cycle
1.
2.
3.
4.
Analyzed Transactions
Journalized
Post
Worksheet
1.
Analyzed Transactions
2.
Journalized
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.
Accounting Cycle
1
2
3
4
Analyze Transactions
Journal Transactions
Post Entries
Prepare Balance Sheet
1
Analyze Transactions
2
Journal Transactions
Accounting Cycle
Analyze the transaction
Record the transaction
Post to ledger
Prepare trial balance
-
-
...
...
Analyze the transaction
-
Record the transaction
-
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…
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…
Accounting Cycle
Step 1
Step 2
Step 3
Step 4
Collect & verify source documents
Analyze each transaction
Journalize transaction
Post to the ledger
Step 1
Collect & verify source documents
Step 2
Analyze each transaction
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
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
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.
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
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
5 terms
Chapter 4 Complete accounting cycle Xtra terms
Correcting entries
Liquidity
Property, plant,equipment
Stockholders equity
entries to correct errors made in recording transactions
due within the next year the ability of a company to pay obli…
Assets w relatively long useful lives & currently being used…
ownerships claim of shareholders on total assets. it is to co…
Correcting entries
entries to correct errors made in recording transactions
Liquidity
due within the next year the ability of a company to pay obli…
9 terms
accounting cycle
Step 1 analyze transactions
step 2 journalize the data about trans…
step 3 post the data about transactions
step 4 prepare a worksheet
step 1
step 2
step 3
step 4
Step 1 analyze transactions
step 1
step 2 journalize the data about trans…
step 2
16 terms
Chapter 3 - Beginning the Accounting Cycle Terms
Accounting cycle
Accounting period
Calendar year
Interim reports
For each accounting period, the process that begins with the…
The period of time for which an income statement is prepared
The 12-month period a business chooses for its accounting yea…
Financial statements that are prepared for a month, quarter,…
Accounting cycle
For each accounting period, the process that begins with the…
Accounting period
The period of time for which an income statement is prepared
The accounting cycle
Step 1
Step 2
Step 3
Step 4
collect source documents and verify the financial information.
Analyze business transactions into their debit and credit par…
Record the debit and credit parts of each business transactio…
Post each journal entry in the ledger accounts
Step 1
collect source documents and verify the financial information.
Step 2
Analyze business transactions into their debit and credit par…
The Accounting Cycle
1
2
3
4
Collect source documents and verify the financial information
Analyze business transactions into their debit and credit parts
Record the debit and credit parts of each business transactio…
Post each journal entry to the ledger accounts
1
Collect source documents and verify the financial information
2
Analyze business transactions into their debit and credit parts
the accounting cycle
1
2
3
4
analyze transactions
jounralize
post
prepare a worksheet
1
analyze transactions
2
jounralize
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
8 terms
Accounting: Accounting Cycle
Step 1
Step 2
Step 3
Step 4
Analyze transactions
Journalize in General Journal
Post to General Ledger
Prepare Work Sheet
Step 1
Analyze transactions
Step 2
Journalize in General Journal
The Accounting Cycle
Step 1: Originate Data
Step 2: Analyze Transactions
Step 3: Journalize Transactions
Step 4: Post Transactions
collect and verify source documents
decide what to debit and credit
record transactions in chronological order
transfer from journal to ledger
Step 1: Originate Data
collect and verify source documents
Step 2: Analyze Transactions
decide what to debit and credit
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…
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
14 terms
The Accounting Cycle
12
Transactions, Record JEs in Journal, P…
Transactions
Record JEs in Jouranl
How many steps in the accounting cycle?
List the 12 steps:
What is step 1?
What is step 2?
12
How many steps in the accounting cycle?
Transactions, Record JEs in Journal, P…
List the 12 steps:
9 terms
THE ACCOUNTING CYCLE
1
2
3
4
Analyze transactions
journalize the transactions
post the journal entries
prepare a worksheet
1
Analyze transactions
2
journalize the transactions
1 of 10