Flashcard Set Preview
| Side A | Side B | ||
| 1 |
working papers
|
·
analyses and other informal reports...
|
|
| 2 |
worksheet
|
spreadsheet
used to draft an unadjusted trial balance, adjusting entries, adjusted trial
balance...
|
|
| 3 |
Benefits of a Worksheet:
|
§
Aids the preparation of financial statements
§
Reduces the possibility...
|
|
| 4 |
Preparing a Worksheet:
|
(1)
Enter unadjusted trial balance
(2)
Enter adjustments
(3)
Prepare...
|
|
| 5 |
pro forma
|
statements
that show the effects of proposed transactions and events as if they had
occurred
|
|
| 6 |
closing process
|
necessary
end-of-period steps to prepare the accounts for recording the transactions of
the...
|
|
| 7 |
For closing, MUST:
|
(1)
Identify the accounts for closing
(2)
Record...
|
|
| 8 |
temporary accounts
|
accounts
used to record revenues, expenses, withdrawals and income
summary; closed each period...
|
|
| 9 |
permanent accounts
|
accounts
that reflect activities related to one or more future periods; balance sheet
accounts...
|
|
| 10 |
closing entries
|
entries
recorded at the end of each accounting period to transfer end-of-period
balances...
|
|
| 11 |
income summary
|
temporary
account used only in the closing process to which the balances of revenues and
expense...
|
|
| 12 |
Closing Steps:
|
(1)
Close income statement credit balances
(2)
Close...
|
|
| 13 |
post-closing trial balance:
|
list
of permanent accounts and their balances from the ledger after all closing
entries are...
|
|
| 14 |
accoutning cycle
|
occurs every accounting period
(1)
Analyze transactions
(2)
Journalize
(3)
Post
(4)
Prepare...
|
|
| 15 |
unclassified balance sheet
|
balance
sheet that broadly groups assets, liabilities & equity accounts
|
|
| 16 |
classified balance sheet
|
balance
sheet that represents assets and liabilities in relevant subgroups, including
current...
|
|
| 17 |
operating cycle
|
normal
time between paying cash for merchandise or employee services and receiving
cash from...
|
|
| 18 |
current assets
|
cash
and other resources that are expected to be sold, collected, or used within one
year...
|
|
| 19 |
long-term investments
|
long-term
assets not used in operating activities such as notes receivable and investments
in...
|
|
| 20 |
plant assets
|
tangible
assets that are both long-lived and used to produce or sell products and
services...
|
|
| 21 |
intangible assets
|
long-term
assets used to produce or sell products or services; usually lack physical form
and...
|
|
| 22 |
current ratio=
|
=current assetscurrent liabilities*evaluates a company's ability to pay short-term obligations_
|
No comments yet! Be the first to add a comment below!
Please login to post comments.
After login, we will forward you back to this flashcard.