ACCOUNTING I - FINAL EXAM

A list of accounts used by a business.

• Chart of Accounts

• Temporary Accounts

• Permanent Accounts

The cost of goods or services used to operate a business.

• Equity

• Cost of doing business

• Expense

An accounting device used to analyze transactions.

• Temporary Account

• T account

• Permanent Accout

Transferring information from a journal entry to a ledger account.

• Journalizing

• Accounting System

• Posting

A person or business to whom a liability is owed.

• Creditor

• Business Owner

• Financial Institution

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

• Trial Balance

• Balance Sheet

• Income Statement

A planned process designed to compile financial data and summarize the results in accounting records and reports.

• Accounting System

• Cost Analysis

• Accounting Cycle

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

• Adjusting entries

• Post-closing entries

• Closing entries

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

• Balance Sheet

• Trial Balance

• Adjusting entries

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

• Temporary Accounts

• Permanent Accounts

• Adjusting etnries