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Accounting > Module 5 > Flashcards

Module 5 Flashcards

1
Q

is the series of sequential steps or procedures performed to accomplish the accounting process

A

Accounting Cycle

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2
Q

the way to make sure that accounting process will be accomplished.

A

Accounting Cycle

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3
Q

To gather information about transactions or events generally through source documents

A

Identification of the
events to be recorded

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4
Q

To record economic impact of transactions on the firm in a journal which is a form that facilitates transfer to the accounts

A

Transactions are recorded in the journal

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5
Q

To transfer the journal to the ledger for classification

A

Journal Entries are posted to the ledger

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6
Q

To provide a listing to verify the equality of debits and credits in the ledger

A

Preparation of of Trial Balance

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7
Q

To aid in the preparation of financial statements.

A

Preparation of Worksheet including adjusting entries:

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8
Q

To provide useful information to decision makers

A

Preparation of Financial Statements

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9
Q

To record the accruals, expiration of deferrals, estimations and other events from the worksheet.

A

Adjusting Joumal Entries are journalized and posted

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10
Q

To close temporary accounts and transfer profit to owner’s equity

A

Closing Journal Entries are journalized and posted

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11
Q

To check the equality of debits and credits after closing entries

A

Preparation of Post- Closing Trial Balance

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12
Q

To simplify the recording of certain regular transactions in the next accounting period

A

Reversing Journal Entries are journalize and posted

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13
Q

This step involves identifying a business transaction and analyzing whether or not that transaction affects the assets, liabilities, equity, income or expenses of the business

A

Step 1: Identification of the events to be recorded

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14
Q

A transaction that has an effect on the accounts

A

Accountable Event

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15
Q

Needs to be recorded in the books of
account Transactions

A

Accountable Event

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16
Q

are normally identified from source documents.

A

Transactions

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17
Q

are the written evidences containing information about the transactions

A

Source documents

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18
Q

Give 5 Source Document Examples

A
  • Sales invoices
  • Official receipts
  • Purchase orders
  • Bank deposit slips .
  • Bank statements
  • Checks
    -Delivery receipts
    -Statement of accounts
19
Q

is critical and important in accounting cycle. It is an important step to make sure the reliability of information to be processed in accounting.

A

Analyzing business transactions

20
Q

After an accountable event is identified and analyzed, the second step is to record it in the journal by means of a journal entry in the recording process called journalizing.

A

Step 2: Transactions are recorded in the journal

21
Q

After an accountable event is identified and analyzed, the second step is to record it in the journal by means of a ____________ in the recording process called journalizing.

A

journal entry

22
Q

After an accountable event is identified and analyzed, the second step is to record it in the journal by means of a journal entry in the recording process called ______________.

A

Journalizing

23
Q

journal entries are recorded in the journal chronologically

A

Date

24
Q

under double entry accounting system, each transaction is recorded in the journal in two parts

A

Account titles

25
Q

Account titles under double entry accounting system, each transaction is recorded in the journal in two parts

______________ aligned in the left.

✓ Credit account title-indented to the right (to show credit represents right side)

A

Debit Account Title

26
Q

Account titles under double entry accounting system, each transaction is recorded in the journal in two parts

Debit Account Title aligned in the left.

_____________ indented to the right (to show credit represents right side)

A

Credit Account Title

27
Q

short description of the transaction (to record line)

A

Explanation

28
Q

code assigned for each account titles to facilitate the transferring or posting journal entries to ledger

A

Posting Reference

29
Q

debit and credit written the same way as account title

A

Amount

30
Q

one which contains a single debit and credit element. Same as the
illustration in the previous page

A

Simple journal entry

31
Q

one which contains two or more debits or credits Observe the illustration below

A

Compound journal entry

32
Q

it is the process of recording journal entry in the joumal

A

Journalizing

33
Q

A type of journal entry with one debit and credit account

A

Simple Journal Entry

34
Q

A written document evidencing the transaction occurred

A

Source Document

35
Q

It is the book of the onginal entry

A

Journal

36
Q

it is the short description for a tra
a transaction in a a journal entry

A

Explanation

37
Q

This is the first step in the accounting cycle

A

Identification of events to be Recorded

38
Q

The arrangement used in recording journal entry following one after another in time

A

Chronological Order

39
Q

It is the process of recognition of an event as accountable

A

Identifying

40
Q

The code assigned for each account titles to facilitate the transferring or posting journal entries to ledger

A

Posting Reference

41
Q

Journal entry which contains two or more debits or credits

A

Compound Journal Entry

42
Q

First 5 steps of accounting cycle

A
  1. Identification of the events to be recorded
  2. Transactions are recorded in the journal
  3. Journal Entries are posted to the ledger
  4. Preparation of Trial Balance
  5. Preparation of Worksheet including adjusting entries
43
Q

The 6 to 10 steps of accounting cycle

A
  1. Preparation of Financial Statements
  2. Adjusting Journal Entries are Journalized and Posted
  3. Closing Journal Entries are Journalized and Posted
  4. Preparation of Post-Closing Trial Balance
  5. Reversing Journal Entries are Journalized and Posted

Accounting (5 decks)

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