Accounting II Review for Final

Front

Correct order of Financial Statements

Back

Trial Balance

Income Statement

Statement Owner's Equity

Balance Sheet

Front

What accounts get closed out to Income Summary

Back

Revenue

Expenses

Front

Liability Accounts are

Back

Payables:

Accounts Payable

Notes Payable

Loans Payable

Mortgage Payable

Front

The Assets accounts are

Back

Cash

Accounts Receivable

Notes Receivable

Building

Automotive Equipment

Office Equipment

Supplies

Building

Land

Front

The Owner's Equity Accounts are

Back

Capital

Front

Temporary Owner's Equity accounts are

Back

Revenue & Expenses

Front

Account Types that should carry a Debit balance

Back

Assets & Expenses

Front

Account types that should carry a Credit balance

Back

Liabilities

Owner's Equity

Revenue

Front

Close Drawing account entry

Back

Dr. Capital

Cr. Drawing Account

Front

The Bankers method assumes how many days?

Back

360 days