Annual reports / the accounting cycle
Journal, ledger, trial balance, adjustments, closing entries, financial statements
Journal, ledger, adjustments, trial balance, financial statements, closing entries
Journal, ledger, financial statements, trial balance, adjustments, closing entries
Journal, ledger, trial balance, adjustments, financial statements, closing entries
Asset
Liability
Revenue
Expense
Clean / unqualified
Qualified
Adverse
To provide a chronological record of transactions
To categorize transactions by account
To communicate the company's financial position and results of operations
To update capital for net income and to prepare the accounts for the next fiscal period
Debit salaries expense, credit salaries payable
Debit insurance expense, credit prepaid insurance
Debit unearned revenue, credit fees earned
Debit accounts receivable, credit fees earned
Debit interest expense, credit interest payable
Debit unearned rent, credit fees earned
Debit prepaid rent, credit cash
Debit amortization expense, credit accumulated amortization
Notes to financial statements, financial statements, auditor's report, MD&A, letter to shareholders
MD&A, letter to shareholders, auditor's report, notes to financial statements, financial statements
Auditor's report, letter to shareholders, financial statements, notes to financial statements, MD&A
Letter to shareholders, MD&A, auditor's report, financial statements, notes to financial statements
Management Debits & Assets
Management Discussion & Analysis
Mandated Discussion & Analysis
None of the above
An expense that has been paid in advance but hasn't been used yet
An expense that was paid in advance but has been used up now
An expense that is owed but hasn't been billed or paid yet
An expense that has been billed and paid
Revenue when it is earned; expenses when they help earn revenue
Revenue when it is received; expenses when they are paid
Revenue when it is earned; expenses when they are paid
Revenue when it is received; expenses when they help earn revenue
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