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ACCTG211(SP11-WC) #3

Chapter 3

QuestionAnswer
Revenue, expense, and dividend accounts; balances brought to zero in the closing process Temporary Accounts
Right side of an account Credit
The process of "zeroing" out the temporary revenue, expense, and dividend accounts to prepare the accounting records for the next accounting period Closing the Accounts
List of all accounts with respective debit or credit balances Trial Balance
List of accounts with respective debit or credit balances prepared after adjustments have been made; can be used to prepare financial statements Adjusted Trial Balance
Left side of an account Debit
List of accounts with respective debit or credit balances prepared after temporary accounts have been closed; only balance sheet accounts appear on a post-closing trial balance Post-Closing Trial Balance
The book of original record; business transactions are first recorded here in chronological order and later posted to the general ledger Journal
Accounts that are never closed; balance sheet accounts e.g., assets; liabilities; stockholders' equity Permanent Accounts
The process of recording transactions, producing the financial statements, and preparing the accounting records for the net accounting period Accounting Cycle
An accountant's traditional way of keeping track of a company's financial transactions and preparing the financial statements; debits and credit in this system provide a simple means to track financial transactions General Ledger System
Created by: jlb89
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