Accounting Part 1 Final Exam Review

Front

A planned process for providing financial information that will be useful to management

Back

accounting system

Front

a decrease in owner's equity resulting from the operation of a business

Back

expense

Front

An increase in owner's equity resulting from the operation of a business

Back

revenue

Front

An account device used to analyze transactions is a T account.

Back

True

Front

A list of accounts used by a business is a chart of accounts.

Back

True

Front

The procedure for transferring information from a journal entry to a ledger account is

Back

posting

Front

Reporting income when it is earned and expenses when they are incurred.

Back

accrual basis of accounting

Front

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

Back

adjusting entries

Front

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

Back

income statement

Front

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

Back

balance sheet