Accounting Final Exam Review

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

• balance sheet

• income statement

• adjusting entries

• closing entries

Planning, recording, analyzing, and interpreting financial information.

• accounting

• adjusting

• asset

• accounting equation

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

• adjusting entries

• closing entries

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

• adjusting entries

• closing entries

Anything of value that is owned.

• asset

• liabilities

• equity

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

• income statement

• balance sheet

• net income

• net loss

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

• net income

• net loss

• revenue

• expense

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

• net income

• net loss

• revenue

• expense

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

• net income

• net loss

• expense

• revenue

An amount owed by a business.

• liability

• expense

• equity

• asset