Chapter 4: Period End Procedures

Question 1

Adjusting Journal Entries

Answer 1

Recorded periodically so financial statements can be prepared according to accounting rules.

Question 2

Balance Sheet Report

Answer 2

The report that shows assets, liabilities, and equity balances at a specified date.

Question 3

Chart of Accounts

Answer 3

The list of accounts a company uses in business.

Question 4

Filters

Answer 4

The tab in the Customize Report - Modify Report dialog box that is used to identify categories of information to Ce displayed Ina report.

Question 5

General Ledger Report

Answer 5

The report that lists the activity increased, decreases, and balances for each account.

Question 6

Make Journal Entries window

Answer 6

Similar to a manuel accounting system, this allows for the recording of a debit entry, a credit entry, and an explanation.

Question 7

Profit and Loss Report

Answer 7

The report that displays the revenue and expenses for a specified period of time.

Question 8

Header/Footer

Answer 8

The tab in the Customize Report - Modify Report dialog box that is used to change the heading on a report.

Question 9

Registers

Answer 9

The format is similar to that of a checkbook and can be used to view the activities for any balance sheet account.

Question 10

Trial Balance Report

Answer 10

A report that displays all accounts and heir debit or credit balance.