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TVS Accounting1-8
Accounting 1 Chapter 8
| Question | Answer |
|---|---|
| Journal entries recorded to update general ledger accounts at the end of a fiscal period | Adjusting Entries |
| Accounts used to accumulate information from one fiscal period to the next | Permanent Accounts |
| Accounts used to accumulate information until it is transferred to the owner's equity capital account | Temporary Accounts |
| Journal entries used to prepare temporary accounts | Closing Entries |
| A trial balance prepared after the closing entries are posted | Post-Closing Trial Balance |
| The series of accounting activities included in recording financial information for a fiscal period | Accounting Cycle |
| Revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period | Matching Expenses with Revenue |
| Changes in financial information are reported for a specific period of time in the form of financial statements | Accounting Period Cycle |
| Financial statements that contain all information necessary to understand a business's financial condition | Adequate Disclosure |
| What the ending balances of permanent account for one fiscal period represent at the beginning of the next fiscal period | Beginning Balances |
| Where the information is obtained to journalize the adjusting entries | Adjustments column of the worksheet |
Created by:
TammieVanScyoc
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