Chapter 8 accounting vocabulary

What is the Accounting Cycle

• An accounting business that helps other businesses with accounting issues.

• The series of accounting activities included in recording financial information for a fiscal period.

• An accounting business that helps other businesses with accounting issues.

• An examination of financial records, accounts, and supporting documents to check their accuracy.

What is an Audit

• A paper or electronic path that provides a documented history of a transaction.

• A trial balance prepared after the closing entries are posted.

• An examination of financial records, accounts, and supporting documents to check their accuracy.

• The accountant who conducts the audit.

What is an Audit Trial

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

• An accounting business that helps other businesses with accounting issues.

• A paper or electronic path that provides a documented history of a transaction.

• A trial balance prepared after the closing entries are posted.

What is an Auditor

• An examination of financial records, accounts, and supporting documents to check their accuracy

• A trial balance prepared after the closing entries are posted

• The series of accounting activities included in recording financial information for a fiscal period.

• The accountant who conducts the audit.

What are Closing Entries

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

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

• An examination of financial records, accounts, and supporting documents to check their accuracy.

• Accounts used to accumulate information from one fiscal period to the next.

What is another name for Nominal Accounts?

• Permanent accounts

• Closing entries

• Audit trail

• Temporary accounts

What are permanent accounts

• Accounts used to accumulate information from one fiscal period to the next.

• The series of accounting activities included in recording financial information for a fiscal period.

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

• An examination of financial records, accounts, and supporting documents to check their accuracy

What is a Post-closing trial balance

• The accountant who conducts the audit.

• A paper or electronic path that provides a documented history of a transaction.

• An examination of financial records, accounts, and supporting documents to check their accuracy.

• A trial balance prepared after the closing entries are posted.

What is a Public accounting firm

• Accounts used to accumulate information from one fiscal period to the next.

• An examination of financial records, accounts, and supporting documents to check their accuracy.

• An accounting business that helps other businesses with accounting issues.

• A paper or electronic path that provides a documented history of a transaction.

What are Temporary accounts

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

• The series of accounting activities included in recording financial information for a fiscal period.

• Accounts used to accumulate information from one fiscal period to the next.

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