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Accounting Final
| Question | Answer |
|---|---|
| 3 functions of accounting | Income statement, statement of equity, and balance sheet |
| Accounts with normal credit balance | LCR Liabilities, capital, revenue |
| Prepaid expense | paid for more than 1 period (a month) |
| Double-entry accounting | system by which each business transaction is recorded in at least 2 accts and accounting equation is kept in balance |
| Petty cash | cash fund used to make small, immediate cash payments |
| Purpose of closing entries | reset temporary acct balance to zero |
| Real (permanent) accts | Balance sheet accts: All assets, liabilities, and o. capital |
| Purpose of internal control | protect assets against fraud and waste, provide accurate accting data, promote efficient operation, and encourage adherence to management policies |
| Bank reconciliation | determines whether and why there is a difference btwn balance shown on bank statement and balance in general ledger |
| Cash short and over | where overages and shortages are recorded |
Created by:
evadawson10
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