Accounting Flashcard

Front

Accounts used to accumulate information from one fiscal period to the next are known as: Accounting cycle, Closing entries, Permanent accounts, Post-closing trial balance, Temporary accounts

Back

Permanent accounts

Front

Journal entries used to prepare temporary accounts for a new fiscal period are known as:

Back

Closing entries

Front

A trial balance prepared after the closing entries are posted is called:

Back

Post-closing trial balance

Front

The series of accounting activities included in recording financial information for a fiscal period is known as:

Back

Accounting cycle

Front

Which accounts are affected by the closing entry for Sales?

Back

Dr. Sales Cr. Income Summary

Front

Which accounts are affected by the closing entry for all expense accounts?

Back

Dr. Income Summary Cr. Expense accounts

Front

Which accounts are affected by the closing entry for income summary with a net loss? Options: Dr. Sales Cr. Income Summary, Dr. Income Summary Cr. Expense accounts, Dr. Capital Cr. Income Summary, Dr. Capital Cr. Drawing

Back

Dr. Capital Cr. Income Summary

Front

Which accounts are affected by the closing entry for owner’s drawing account?

Back

Dr. Capital Cr. Drawing

Front

Which accounting concept applies when a worksheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statements?

Back

Accounting period cycle

Front

The ending account balances of permanent accounts for one fiscal period are:

Back

The beginning account balances for the next fiscal period