Acct cycle: journal entries Flashcards

1
Q

Communicating of a business transaction into writing
-Recorded into the general ledger
-Posted into “T-accounts” on general ledger

A

Journal entires

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2
Q

Left side of a standard account

A

Debits

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3
Q

Right side of a standard account

A

Credits

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4
Q

Book of the original entry in which any business transaction is recorded in chronological order

A

General journal

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5
Q

Book of accounts in which data journal entries are posted and summarized

A

General ledger

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6
Q

Transaction of data from journal to ledger

A

Posting

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7
Q

A list of all the accounts titles and numbers assigned to them
-Cheat sheet for computer programing
-Categorizes accounts
-Number code

A

Charts of accounts

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8
Q

How do all of the accounts behave in the debit/ credit

A

-Asset increase in debit and decrease in credit
-Liabilities decrease in debit and increase in credit
-OE decrease in debit and increase in credit
-Revenues decrease in debit and increase in credit
-Expenses increase in debit and decrease in credit
-Dividends increase in debit and decrease in credit

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9
Q

What are the accounts that are opposites that balance in the t charts

A

-Assets and revenues
-Liabilities and expenses
-OE and dividends

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10
Q

What accounts are found on the balance sheet and what accounts are found on the income statement?

A

Balance sheet:
-Asset
-Liabilities
-OE
Income statement:
-Revenues
-Expenses
-Dividends

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11
Q

A work paper providing the equality of the debit and credit balance in the ledger

A

Trial balance

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12
Q

Trial balance taken after adjusted entries have been recorded
-Done at the end of the year

A

Adjusted trial balance

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13
Q

A work paper prepared after all temporary accounts have been closed
-Done at the end of the year

A

Post closing trial balance

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14
Q

What are some reasons to do a trial balance

A

-Check equality of debits and credits
-Locate errors in the journal, postings, and ledger accounts
-Know the ending balance of each account. All in one location
-Test mathematical accuracy of the recording stage on the accounting equation and expanding accounting equation

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