Arkansas Unit 2 Basic Accounting Cycle Service Business
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Account | show 🗑
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| show | the amount in an account
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| Account number | show 🗑
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| Account title | show 🗑
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| Accounting cycle | show 🗑
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| Accounting equation | show 🗑
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| Accounting period cycle concept | show 🗑
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| Accounting record | show 🗑
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| show | a planned process for providing financial information that will be useful to management
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| Adequate disclosure concept | show 🗑
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| show | journal entries recorded to update general ledger accounts at the end of a fiscal period
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| show | changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period
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| show | anything of value that is owned
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| Balance sheet | show 🗑
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| show | financial information is recorded and reported separately from the owner's personal financial information
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| show | the account used to summarize the owner's equity in a business
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| Chart of accounts | show 🗑
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| show | journal entries used to prepare temporary accounts for a new fiscal period
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| show | the same accounting procedures are followed in the same way in each accounting period
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| Correcting entry | show 🗑
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| show | an entry to the right side of a T account
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| Debit | show 🗑
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| show | financial rights to the assets of a business
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| show | the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
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| show | the length of time for which a business summarizes and reports financial information
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| General ledger | show 🗑
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| Going concern concept | show 🗑
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| Income statement | show 🗑
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| Ledger | show 🗑
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| show | an amount owned by a business
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| show | revenue from business activities and expenses associated with earning that revenue are recorded in the same accounting period
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| Net income | show 🗑
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| Net loss | show 🗑
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| show | a source document is prepared for each transaction
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| Opening an account | show 🗑
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| show | the amount remaining after the value of all liabilities subtracted from the value of all assets
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| Permanent accounts | show 🗑
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| Post-closing trial balance | show 🗑
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| Posting | show 🗑
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| Proprietorship | show 🗑
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| Temporary accounts | show 🗑
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| Transaction | show 🗑
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| show | a proof of the equality of debits and credits in a general ledger
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| Work sheet | show 🗑
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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