Semester Exam

Question 0

an increase in equity resulting from the sale of goods or services

Answer 0

Revenue

Question 1

Temporary accounts

Answer 1

account used to accumulate information until it is transferred to the owner’s capital account

Question 2

Accounts used to accumulate information from one fiscal period to the next

Answer 2

Permanent accounts

Question 3

a person or business to whom a liability is owed

Answer 3

Creditor

Question 4

a financial statement showing the revenue and expenses for a fiscal period

Answer 4

Income statement

Question 5

transferring information from a journal entry to a ledger account

Answer 5

Posting

Question 6

an accounting device used to analyze transactions

Answer 6

T account

Question 7

the cost of goods or services used to operate a business

Answer 7

Expense

Question 8

A planned process designed to compile financial data and summarize the results in accounting records and reports.

Answer 8

Accounting system

Question 9

reporting income when its earned and expense when they are incurred

Answer 9

Accrual basis of accounting

Question 10

journal entries recorded to update general ledgers accounts at the end of a fiscal period

Answer 10

Adjusting entries

Question 11

a financial statement that reports assets, liabilities, and owner’s equity on a specific date

Answer 11

Balance sheet

Question 12

Journal entries used to prepare temporary accounts for a new fiscal period.

Answer 12

Closing entries

Question 13

A list of accounts used by a business.

Answer 13

Chart of accounts