AC Financial Statements Flashcards
Fill in the blank
The balances of the accounts reported on the ___ are carried forward from period to period.
Closing Entries
Completing the Accounting Cycle
balance sheet
Closing Entries
Completing the Accounting Cycle
Fill in the blank
The balances of the accounts reported on the balance sheet are carried forward from ___.
Closing Entries
Completing the Accounting Cycle
period to period
Closing Entries
Completing the Accounting Cycle
Fill in the blank
Because the accounts reported on the balance sheet are carried forward from period to period, they are called ___ or ___.
Closing Entries
Completing the Accounting Cycle
permanent accounts [or] real accounts
Closing Entries
Completing the Accounting Cycle
enumerate
balance sheet permanent accounts
Closing Entries
Completing the Accounting Cycle
- Cash
- Accounts Receivable
- Equipment
- Accumulated Depreciation
- Accounts Payable
- Owner’s Capital
- any account whose balance doesn’t reset to zero at the end of the period
Closing Entries
Completing the Accounting Cycle
Complete the sentence
The accounting process begins with (1) […] and
ends with (2) […]
Closing Entries
(1) analyzing and journalizing transactions
(2) post-closing trial balance
Closing Entries
Concept
Transactions are analyzed and recorded in the journal
Financial Accounting 16e
Accounting Cycle - Step 1
Financial Accounting 16e
Concept
Transactions are posted to the ledger.
Financial Accounting 16e
Accounting Cycle - Step 2
Financial Accounting 16e
Concept
An unadjusted trial balance is prepared
Financial Accounting 16e
Accounting Cycle - Step 3
Financial Accounting 16e
Concept
Adjustment data are assembled and analyzed
Financial Accounting 16e
Accounting Cycle - Step 4
Financial Accounting 16e
Concept
An optional end-of-period spreadsheet is prepared
Financial Accounting 16e
Accounting Cycle - Step 5
Financial Accounting 16e
Concept
Adjusting entries are journalized and posted to the ledger
Financial Accounting 16e
Accounting Cycle - Step 6
Financial Accounting 16e
Concept
An adjusted trial balance is prepared
Financial Accounting 16e
Accounting Cycle - Step 7
Financial Accounting 16e
Concept
Financial statements are prepared
Financial Accounting 16e
Accounting Cycle - Step 8
Financial Accounting 16e
Concept
Closing entries are journalized and posted to the ledge
Financial Accounting 16e
Accounting Cycle - Step 9
Financial Accounting 16e
Concept
A post-closing trial balance is prepared
Financial Accounting 16e
Accounting Cycle - Step 10
Financial Accounting 16e