Ch. 4 Flashcards
a report of all transactions entered during an accounting period after adjusted entries have been made
adjusted trial balance
what is the order of the accounting cycle
- record journal entries or journalize transactions 2. post to ledger accounts 3. prepare unadjusted trial balance 4. make end-of-period adjustments 5. prepare adjusted trial balance 6. Make financial statements 7. Journalize and post closing entries 8. Make post-closing trial balance
what do you need to do when closing revenue accounts
debit the revenue, and credit the income summary
what do you need to do when closing expenses
credit the expenses, and debit the income summary
what are permanent accounts
asset, liabilities, and owner capital
what are temporary accounts in terms of closing adjustments
revenues, expenses, and owner withdrawals
After you cleared your temporary accounts
post-closing trial balance
what does current mean in terms of classification structure?
Current ( short term): expected to come due ( either collected or owed) within one year or the company’s operating cycle, whichever is longer.
what are proxy statements and examples
info given to shareholders. Examples include committee reports and information on all directors.
Board meetings
Auditing committee, shareholders voting, and
when does SEC “quiet period” start
4 weeks prior to the end of the period and extends to the actual earning release
who do the general board meetings include
shareholders
when do general board meetings occur
after audit committee
true or false a conference call is not open to the public
false
what is accrual accounting
a method where financial transactions are recorded in the period they incur, regardless of whether cash is received or not.
