|
Erstellt von Stephanie Spearman
vor fast 2 Jahre
|
|
Frage | Antworten |
chart of accounts | list of all counts used to accumulate information about asses, liabilities, owners' equity, revenues, and expenses |
transactions | during the accounting period, record transactions with customers, vendors, Employees and owners |
trial balance | also referred to as an unadjusted trial balance because it is prepared before adjustments. |
adjustments | at the end of the accounting period before preparing financial statements, make any adjustments necessary to bring the accounts up to date |
adjusted trial balance | to verify the accounting system still balances |
financial statements | prepare financial statements for external uses; income tax summary reports and management reports |
accounting period | can be one month, one quarter or one year |
adjusting entries | enter adjustments by making entries in the journal; dated the last day of the accounting period |
prepaid items | items that are prepaid |
unearned items | items that a customer has paid us for, but we have not provided the product or service |
accrued expenses | expenses that are incurred but not yet paid or recorded |
accrued revenues | revenues that have been earned but not yet collected or recorded |
accrual basis of accounting | attempts to match expenses with the revenue they generate |
cash basis accounting | records revenues when cash is received and records expenses when cash is paid |
depreciation | allocations of a fixed asset's cost over its useful life |
accrued expenses | expenses that are incurred but not yet paid or recorded |
Möchten Sie mit GoConqr kostenlos Ihre eigenen Karteikarten erstellen? Mehr erfahren.