Accounting Chapter 8 study guide – Flashcards
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The series of accounting activities included in recording financial information for a fiscal period.
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Accounting cycle
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Journal entires recorded to update general ledger accounts at the end of a fiscal period.
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Adjusting entries
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Journal entries used to prepare temporary accounts for a new fiscal period.
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Closing entries
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accounts used to accumulate information from one fiscal period to the next
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Permanent Accounts
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A trial balance perpares after the closing entries are posted.
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Post-Closing Trial balance
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Accounts used to accumulate information until it is transferred to the owner's capital account.
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temporary accounts
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Which accounting concept applies when a work sheet is prepared at the end of each fiscal cycle to summerize the general ledger information needed to prepare financial statements?
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Accounting period cycle
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After adjusting entiries are posted, the supplies account balance will be equal to...
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the cost of the supplies on hand at the end of the fiscal period
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information needed for journalizing the adjusting entries is obtained from the...
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work sheet's adjustments columns
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which accounting concept applies when expenses are reported in the same fiscal period that they are used to produce revenue...
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matching expenses with revenue
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income summary is ...
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a temporary account
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when revenure is greater than total expenses, resulting in a net income, the income summary account has a...
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credit balance
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information needed for recording the closing entries is obtained from...
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work sheet's income statement and balance sheet columns
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after the closing entries are posted, the owner's capital account balance should be the same as...
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shown on the balance sheet for the fiscal period
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the accounts listed on a post-closing trial balance are...
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general ledger accounts with balances after the closing entries are posted
