How can we help?

You can also find more resources in our Help Center.

Study sets matching "terms chapter 4 accounting 2"

Study sets
Classes
Users

Study sets matching "terms chapter 4 accounting 2"

16 terms
Accounting Chapter 4 Key Terms 2
Sales Returns
Allowances
Sales Discounts
Ratio Analysis
Decreases when sales discounts are granted or from granting t…
like discounts, are given to final consumers, business custom…
a temporary owner's equity contra sales account used to recor…
calculations that measure an organization's financial health
Sales Returns
Decreases when sales discounts are granted or from granting t…
Allowances
like discounts, are given to final consumers, business custom…
15 terms
Accounting 2 Chapter 4
Gross profit
Departmental margin statement
Work sheet
Income statement
The amount of revenue from sales less the cost of goods sold.
A statement that reports departmental margin for a specific d…
A columnar accounting form used to summarize the general ledg…
A financial statement showing the revenue and expenses for a…
Gross profit
The amount of revenue from sales less the cost of goods sold.
Departmental margin statement
A statement that reports departmental margin for a specific d…
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…
18 terms
Accounting Chapter 4 Terms
Ledger
General Ledger
Account Number
File Maitenance
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…
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.
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…
29 terms
Accounting 2 - Chapter 4 EOC
Fiscal Period
Responsibility Accounting
Direct Expense
Indirect Expense
The length of time for which a business summarizes and report…
Assigning control of business revenues, costs, and expenses a…
An operating expense identifiable with and chargeable to the…
An operating expense chargeable to overall business operation…
Fiscal Period
The length of time for which a business summarizes and report…
Responsibility Accounting
Assigning control of business revenues, costs, and expenses a…
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.
62 terms
Topic 2.1- Accounting Terms- Chapter 4
Account
Accounting period
Accounting system
accounts payable
a place a business uses to record and retain information abou…
the time span for which a business reports its revenues and e…
using financial information to make decisions usually involve…
amounts owed to suppliers for credit purchases
Account
a place a business uses to record and retain information abou…
Accounting period
the time span for which a business reports its revenues and e…
11 terms
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
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.
11 terms
Accounting Terms Chapter 4
journal
journalizing
entry
general journal
a form for recording transactions in chronological order
recording transactions in a journal
information or 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
20 terms
Accounting Chapter 4: Terms
adjusting entries are classified as ei…
2 categories of deferrals
2 categories of accruals
examples of prepayments
deferrals or accruals
prepaid expenses and unearned revenues
accrued revenues and accrued expenses
insurance, supplies, advertising, and rent (purchase building…
adjusting entries are classified as ei…
deferrals or accruals
2 categories of deferrals
prepaid expenses and unearned revenues
8 terms
Accounting Terms 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…
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
8 terms
Accounting Terms 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…
8 terms
Accounting Terms - Chapter 4
A ledger that contains all accounts ne…
The number assigned to an account.
A group of accounts.
The procedure for arranging accounts i…
General Ledger
Account Number
Ledger
File Maintenance
A ledger that contains all accounts ne…
General Ledger
The number assigned to an account.
Account Number
22 terms
Accounting terms chapter 4
accrue
accrued expense
accumulated depreciation
adjusted trial balance
to grow or accumulate over time.
an expense incurred on before a given date and payable at som…
a contra-asset account shown as a deduction from the related…
a schedule indicating the balances in the general ledger acco…
accrue
to grow or accumulate over time.
accrued expense
an expense incurred on before a given date and payable at som…
8 terms
Chapter 4 Accounting Terms
Ledger
General Ledger
account number
file maintenance
A group of accounts
ledger that contains all accounts needed to prepare financial…
number assigned to an account
procedure for arranging accounts in a general ledger, assigni…
Ledger
A group of accounts
General Ledger
ledger that contains all accounts needed to prepare financial…
7 terms
Accounting Terms 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…
8 terms
Accounting Chapter 4 Terms
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…
25 terms
Chapter 4 Terms (Accounting)
Worksheet
Worksheets (Excel)
Steps in preparing a worksheet
Keying
Is a multiple-column form used in the adjustment process and…
- Multiple-column form used in preparing financial statements…
1) Prepare a trial balance on the worksheet... 2) Enter adjustme…
Is the process of inserting additional accounts needed on the…
Worksheet
Is a multiple-column form used in the adjustment process and…
Worksheets (Excel)
- Multiple-column form used in preparing financial statements…
27 terms
Accounting Chapter 4 Terms
account balance
accrual
accrued
adjustment
the sum of the additions and subtractions to an account throu…
the process of recognizing revenue that has been earned but n…
describes revenue that has been earned and a related asset th…
An entry usually made during the process of "closing the book…
account balance
the sum of the additions and subtractions to an account throu…
accrual
the process of recognizing revenue that has been earned but n…
19 terms
Chapter 4 accounting terms
Classified Balance sheet
Liquidity
Current Asset
current Liability
Balance sheet that places each asset and each liability into…
A measure of how quickly an item can be converted to cash
An asset that is expected to be converted to cash within the…
liability that must be paid with cash or with goods and servi…
Classified Balance sheet
Balance sheet that places each asset and each liability into…
Liquidity
A measure of how quickly an item can be converted to cash
11 terms
Accounting: Chapter 4 Terms
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 ti…
Journal
A form for recording transactions in chronological order.
Journalizing
Recording transactions in a journal.
8 terms
Accounting terms chapter 4
Account number
Correcting entry
File maintenance
General ledger
The number assigned to an account
A journal entry mad 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 mad to correct an error in a previous journal…
8 terms
Accounting Chapter 4 Terms
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…
28 terms
chapter 4 accounting terms
unclassified balance sheet
post closing trial balance
income summary
permanent accounts
balance sheet that broadly groups assets, liabilities, and eq…
list of permanent accounts and their balances from the ledger…
temporary accounts used only in closing process to which the…
accounts that reflect activities related to one or more futur…
unclassified balance sheet
balance sheet that broadly groups assets, liabilities, and eq…
post closing trial balance
list of permanent accounts and their balances from the ledger…
35 terms
Chapter 4 Accounting Terms
Account form
Administrative expenses
Cost of merchandise purchased
Cost of merchandise sold
The form of balance sheet presented with assets on the left h…
Expenses incurred in the administration or general operations…
The cost of merchandise purchased during a period, computed a…
The cost that is reported as an expense when merchandise or a…
Account form
The form of balance sheet presented with assets on the left h…
Administrative expenses
Expenses incurred in the administration or general operations…
Accounting Terms Chapter 4
Deferred Revenue
Accrued Revenue
Deferred Expenses
Accrued Expenses
When a customer pays for goods or services before the company…
Revenues that have been earned but not yet recorded because c…
Previously recorded assets, such as Prepaid rent, Supplies, a…
Expenses that have been incurred but not yet recorded because…
Deferred Revenue
When a customer pays for goods or services before the company…
Accrued Revenue
Revenues that have been earned but not yet recorded because c…
8 terms
Bobcats- Accounting Chapter 4 Terms
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…
21 terms
Accounting Terms - Chapter 4
accounting cycle
classified balance sheet
closing entries
closing process
the process by which companies produce their financial statem…
a balance sheet that places each asset and each liability int…
entries that transfer the revenues expenses and dividends bal…
a step in the accounting cycle that occurs at the end of the…
accounting cycle
the process by which companies produce their financial statem…
classified balance sheet
a balance sheet that places each asset and each liability int…
20 terms
Accounting Chapter 4 Terms
Accounting Cycle
Classified Balance Sheet
Closing entries
Closing process
recurring steps performed each accounting period, starting wi…
presents assets and liabilities in relevant subgroups, includ…
entries recorded at the end of each accounting period to tran…
necessary end-of-period steps to prepare the accounts for rec…
Accounting Cycle
recurring steps performed each accounting period, starting wi…
Classified Balance Sheet
presents assets and liabilities in relevant subgroups, includ…
7 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 an account
procedure for arranging accounts in a general ledger, assigni…
ledger
group of accounts
general ledger
ledger that contains all accounts needed to prepare financial…
8 terms
Chapter 4 Accounting Terms
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…
8 terms
Accounting Terms Chapter 4
Ledger
Account Number
Opening an Account
Proving Cash
A group of accounts
The number assigned to an account
Writing an account title and number on the heading of an acco…
Determining that the amount of cash agrees with the balance o…
Ledger
A group of accounts
Account Number
The number assigned to an account
34 terms
Accounting - Chapter 4 Terms
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 for services performed but not yet received in cash…
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.
8 terms
Accounting Chapter 4 Terms
Internal Controls
Cash & Cash Equivalents
Petty Cash
Bank Reconciliation
Plan to improve the accuracy and reliability of accounting in…
Cash: Currency, Coins, Balances in savings and checking accou…
An accessible store of money kept by an organization for expe…
Matching the balance of cash in the bank account with the bal…
Internal Controls
Plan to improve the accuracy and reliability of accounting in…
Cash & Cash Equivalents
Cash: Currency, Coins, Balances in savings and checking accou…
12 terms
Accounting Chapter 4 Terms
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…
19 terms
Chapter 4 Accounting Terms
Accounting Cycle
Classified Balance Sheet
Closing Entries
Closing Process
Process by which companies produce their financial statements…
Balance asset that places each asset and each liability into…
Entries that transfer the revenue, expenses, and withdrawal b…
Step in the accounting cycle that occurs at the end of the pe…
Accounting Cycle
Process by which companies produce their financial statements…
Classified Balance Sheet
Balance asset that places each asset and each liability into…
20 terms
Terms Chapter 4, Accounting
high quality
adjustments
closing the books
accounting cycle
relevant and reliable information
recording related revenues and expenses in the correct period
how to prepare the accounting records for the next period
the process followed by entities to analyze and record transa…
high quality
relevant and reliable information
adjustments
recording related revenues and expenses in the correct period
35 terms
Accounting - Chapter 4 Terms
Cash Discount
Common Size Financial Statements
Credit Terms
FOB Destination
Encourages buyers to pay promptly.
Display information in percentages as well as absolute dollar…
2/10; n/30`
The Seller is responsible for the freight costs.
Cash Discount
Encourages buyers to pay promptly.
Common Size Financial Statements
Display information in percentages as well as absolute dollar…
18 terms
Accounting II- Chapter 4
Accounting Cycle
Classified Balance Sheet
Closing Entries
Closing Process
The process by which companies produce their financial statem…
A balance sheet that places each assets and liability into a…
Entries that transfer the revenues, expenses, and dividends b…
A step in the accounting cycle that occurs at the end of the…
Accounting Cycle
The process by which companies produce their financial statem…
Classified Balance Sheet
A balance sheet that places each assets and liability into a…
8 terms
Accounting Terms Chapter 4
ledger
chart of accounts
double-entry accounting
T account
A book or file containing a separate page for each business a…
A list of all the accounts and their assigned account numbers…
A financial recordkeeping system in which each transaction af…
An account shaped like a "T" that is used for analyzing trans…
ledger
A book or file containing a separate page for each business a…
chart of accounts
A list of all the accounts and their assigned account numbers…
8 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 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…
8 terms
Accounting Chapter 4 Terms
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…
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
Century 21 Accounting 9E Chapter 4 terms
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…
25 terms
Accounting 2 Chapter 4
Predetermined Overhead Rate =
Facility-Level Activities
Product-Line Activities
Batch-Level Activities
Est. Tot. MOH cost... ---------------------... Est. Tot. Cost Driver
Activities that support the entire company (all products, all…
Activities that support a specific product line or service of…
Activities performed for a batch (group of units or customers…
Predetermined Overhead Rate =
Est. Tot. MOH cost... ---------------------... Est. Tot. Cost Driver
Facility-Level Activities
Activities that support the entire company (all products, all…
28 terms
Chapter 4 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…
1 of 10