ftfhyffh Flashcards
is a collection of all accounts and their
balances for an accounting system
ledger
lists
all ledger accounts
and their balances at
a point in time
trial balance
is a record of increases and decreases in a specific asset, liability, equity, revenue, or
expense
account
is a list of all accounts and includes an identifying number for each
account.
chart of accounts
Revenues are recorded
when products or
services are delivered,
and records expenses
when incurred
Accrual Basis
Revenues are recorded
when cash is received
and expenses are
recorded when cash is
paid
Cash Basis
Costs incurred in a period that are both unpaid and
unrecorded
Accrued Expense
revenues earned in a period that
are both unrecorded and not yet received in cash or
other assets
Accrued Revenue
Current assets
Noncurrent assets
Long-term investments
Plant assets
Intangible asset
Classified Balance sheet
Current liabilities
Noncurrent assets Noncurrent liabilities Equity
Classified Balance sheet
Revenue
Expenses
Income Summary
Dividents
Temporary accounts
Assets
Liabilities
Equity
Permanant accounts
List of permanent accounts and their balances
after posting closing entries.
* Total debits and credits must be equal.
Post-Closing Trial Balance
Close Credit Balances in Revenue Accounts to Income Summary
Step 1
Closing
Close Debit Balances in Expense Accounts to Income Summary
Step 2
Closing
