Accounting: Part 1 Review

An equation showing the relationship among assets, liabilities, and owner’s equity.

• adjusting entries

• balance sheet

• accounting equation

• closing entries

A business paper from which information is obtained for a journal entry.

• adjusting entries

• balance sheet

• chart of accounts

• source document

A business that performs an activity for a fee.

• adjusting entries

• service business

• proprietorship

• source document

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

• trial balance

• closing entries

• work sheet

• balance sheet

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

• closing entries

• post-closing trial balance

• posting

• trial balance

Transferring information from a journal entry to a ledger account.

• closing entries

• trial balance

• adjusting entries

• posting

A proof of the equality of debits and credits in a general ledger.

• closing entries

• trial balance

• work sheet

• posting

A business owned by one person.

• service business

• proprietorship

• chart of accounts

• work sheet

A trial balance prepared after the closing entries are posted.

• source document

• balance sheet

• revenue

• post-closing trial balance

Accounts used to accumulate information until it is transferred to the owner’s capital account.

• temporary accounts

• balance sheet

• T account

• chart of accounts