Accounting Semester 1 Final Exam

Front

A financial statement that reports the value of a business’s assets, liabilities, and owner’s equity on a specific date.

Back

balance sheet

Front

Planning, recording, analyzing, and interpreting financial information.

Back

accounting

Front

Journal entries recorded to update general ledger accounts at the end of a fiscal period.

Back

adjusting entries

Front

Journal entries used to prepare temporary accounts for a new fiscal period.

Back

closing entries

Front

Anything of value that is owned.

Back

asset

Front

A financial statement showing revenue and expenses for a fiscal period.

Back

income statement

Front

The difference between total revenue and total expenses when total expenses are greater.

Back

net loss

Front

The difference between total revenue and total expenses when total revenue is greater.

Back

net income

Front

A decrease in owner’s equity resulting from the operation of a business.

Back

expense

Front

An amount owed by a business.

Back

liability