Accounting Concepts and Adjustments
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Other
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5th Grade
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Practice Problem
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Hard
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1.
FLASHCARD QUESTION
Front
Recorded to update the general ledger accounts
Back
adjusting entries
2.
FLASHCARD QUESTION
Front
A process businesses use to track their financial transactions. Ex: adjustments, preparing financial reports, recording transactions.
Back
accounting Cycle
3.
FLASHCARD QUESTION
Front
Changes made to financial records at the end of a period to make sure everything is accurate
Back
adjustments
4.
FLASHCARD QUESTION
Front
shows a company's assets, liabilities, and equity at a specific point in time
Back
balance sheet
5.
FLASHCARD QUESTION
Front
Transfers the balances of temporary accounts to permanent accounts at the end of an accounting period
Back
Closing entries
6.
FLASHCARD QUESTION
Front
a company's accounting period used for financial reporting
Back
fiscal period
7.
FLASHCARD QUESTION
Front
shows company's revenues and expenses over a period of time, resulting in net income or net loss
Back
Income statement
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