AccountingPart1Review_20221116

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

• adjusting entries

• closing entries

• expense

• permanent accounts

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

• Worksheet

• Income Statement

• Balance Sheet

• General Journal

A list of accounts used by a business.

• General Ledger

• T-Chart

• Chart of Accounts

• General Journal

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

• Temporary Accounts

• Permanent Accounts

• Expenses

• Net Income

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

• Adjusting Entries

• Closing Entries

• Journalizing

• Trial Balance

Reporting income when earned and expenses when incurred.

• Cash Basis of Accounting

• Accrual Basis of Accounting

• Journalizing

• Posting

Transferring information from a journal entry to a ledger account.

• Journalizing

• Closing

• Posting

• Trial Balance

The drawing account is a permanent account.

• True

• False

Adjusting entries must be posted to the general ledger accounts.

• True

• False

A balance sheet reports financial information for a period of time.

• True

• False