| A | B |
|---|
| permanent accounts
| Accounts used to accumulate information from one fiscal period to the next.
| | temporary accounts
| Accounts used to accumlate information until it is transferred to the owner's capital account.
| | closing entries
| Journal entries used to prepare temporary accounts for a new fiscal perid.
| | post-closing trial balance
| A trial balance prepared after the closing entries are posted.
| | accounting cycle
| The series of accounting activities included in recording financial information for a fiscal period.
| | Accounting Period Cycle
| Which accounting concept applies when a work sheet is prepared at the end of each fiscal cycle to summarize the general ledger information needed to prepare financial statments?
| | after the closing entries are posted
| The accounts listed on a post-closing trial balance are general ledger accounts with balances ____.
| | adjusting entries
| Journal entries recorded to update general ledger accounts at the end of a fiscal period.
| | on hand at the end of the fiscal period
| After adjusting entries are posted, the supplies account balance will be equal to the cost of the supplies ____.
| | credit balance
| When revenue is greater than total expenses, resulting in a net income, the income summary account has a ----.
| | a temporary account
| Income Summary is ___.
| | balance sheet
| After the closing entries are posted, the owner's capital account balance should be the same as shown on the ____.
| | work sheet's Adjustments columns
| Information needed for journalizing the adjusting entries is obtained from the ____.
|
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| Question | Answer |
|---|
| Journal entries recorded to update general ledger accounts at the end of the fiscal period.
| Adjusting Entries.
| | Accounts used to accumulate information from one fiscal period to the next.
| Permanent Accounts.
| | Accouts used to accumulate information until it is transfered to the owner's capital account.
| Temporary Accounts.
| | Journal entries used to prepare temporary accounts for a new fiscal period.
| Closing Entries.
| | A trial balane prepared after the closing entries are posted.
| Post-closing Trial Balance.
| | The series of accounting activities included in recording financial infomation for a fiscal period.
| Accounting Cycle.
| | Adjusting entry for Supplies.
| Credited.
| | Adjusting entry for Prepaid Insurance.
| Credited.
| | Closing entry for Sales.
| Debited.
| | Closing entry for all expense accounts.
| Credited.
| | Closing entry for Income Summary with a net income.
| Debited.
| | Closing entry for Income Summary with a net loss.
| Credited.
| | Closing entry for owner's drawing account.
| Credited.
| | Which accounting concept applies when a worksheet is prepared at the end of each fiscal cycle to summarize the journal Ledger information needed to prepare financial statements? (A) Accounting Period Cycle (B) Consistent Reporting.
| B.
| | After adjusting entries are posted, the supplies account balance will be equal to (A) The cost of supplies during the fiscal period (B) The cost of the supplies on hand at the end of the fiscal period (C) Zero (D) None of these.
| B.
| | Information needed for journalizing the adjusting entries is obtained from the (A) General Ledger Account Balance columns (B) Income Statement (C) Work sheet’s Adjustments columns (D) Balance sheet.
| C.
| | Which accounting concept applies when expenses are reported in the same fiscal period that they are used to produce Revenue? (A) Business Entity (B) Going Concern (C) Matching Expenses with Revenue (D) Adequate Disclosure.
| C.
| | Income summary is a (A) An asset account (B) A liability account (C) A temporary account (D) A permanent account.
| C.
| | When revenue is greater than total expenses, resulting in a net income, the income summary account has a (A) Debit Balance (B) Credit Balance (C) Normal Debit Balance (B) Normal Credit Balance.
| B.
| | Information needed for recording the closing entries is obtained from the (A) General Ledger Accounts (B) Work sheet’s Income Statement and Balance Sheet columns (C) Balance Sheet (D) Income Statement.
| B.
| | After the closing entries are posted, the owner's capital account balance should be the same as (A) Shown on the balance sheet for the fiscal period (B) Shown in the work sheets Income Statement Debit column.
| A.
| | The accounts listed on a post-closing trial balance are (A) General ledger accounts with balances after the closing entries are posted (B) All general ledger accounts.
| A.
| | A work sheet, including a trial balance, is prepared from he general ledger.
| Four.
| | Transactions, from information on source documents, are recorded in a journal.
| Two.
| | Source documents are checked for accuracy, and tranactions are analyzed into debit and credit parts.
| One.
| | Adjusting and closing entries are posted to the general journal.
| Seven.
| | Financial statements are prepared from the work sheet.
| Five.
| | Adjusting and closing entries are journalized from the work sheet.
| Six.
| | A post-closing trial balance of the general ledger is prepared.
| Eight.
| | Journal entries to the general ledger.
| Three.
|
Which accounting concept applies when a work sheet is prepared at the end of each fiscal?
What is a financial statement showing the revenue and expenses for a fiscal period?
Income Statement: a financial statement showing the revenue and expenses for a fiscal period. Balance Sheet: a financial statement that reports assets, liabilities, and owner's equity.
What are the 4 accounting periods?
Here are some of the most common accounting periods businesses use:. Calendar year. This accounting period takes place over a calendar year, which starts on Jan. ... . Fiscal year. ... . 4-4-5 calendar year. ... . Calendar quarter. ... . Fiscal quarter. ... . Calendar month.. What is the accounting period concept?
An accounting period is a span of time that covers certain accounting functions; it can be either a calendar or fiscal year, but also a week, month, or quarter, for example. Accounting periods are created for reporting and analyzing purposes, and the accrual method of accounting allows for consistent reporting.
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