Work Sheet and Adjusting Entries

Question 1

A list of all general ledger account balances at the end of an accounting period

Answer 1

Trial Balance

Question 2

a list of all general ledger account balances at the end of an accounting period before any adjusting entries have been made

Answer 2

Unadjusted Trial Balances

Question 3

A spreadsheet tool that helps accountants complete the accounting cycle

Answer 3

Accounting Worksheet

Question 4

An expense incurred or revenue earned that has not yet been recorded in the accounting recorded but must be included in the current periods financial statements

Answer 4

Accurals

Question 5

A series of journal entries made at the end of an accounting period to convert of “adjust” a company’s accounting records from a cash basis to an accrual basis

Answer 5

Adjusting Entries

Question 6

A previously recorded prepayment of an expense or receipt of cash that must be divided or “deferred” over 2 or more accounting periods

Answer 6

Deferrals