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Creado por Austin Egg
hace más de 1 año
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Pregunta | Respuesta |
chart of accounts | a list of all accounts used to accumulate information about assets, liabilities, owners' equity, revenues, and expenses. |
transactions | during the accounting period, record transactions with customers, vendors, employees, and owners |
trial balance | referred to as an unadjusted trial balance because it is prepared before adjustments. Lists each account and the account balance at the end of the accounting period. |
adjustments | At the end of the accounting period before preparing financial statements, make any adjustments necessary to bring the accounts up to date. Adjustments are entered in the journal using debits and credits. |
adjusted trial balance | prepare an adjusted trial balance (a trial balance after adjustments) to verify that the accounting system still balances. If additional account detail is required, print the general ledger (the collection of all the accounts listing the transactions that affect the accounts). |
financial statements | prepare a financial statement for external users (profit and loss, balance sheet, and statement of cash flows). Prepare income tax summary reports and management reports. |
prepaid items | items that are prepaid, such as prepaid insurance or prepaid rent |
unearned items | items that 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 |
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