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Accounting 1 Exam 2
Exam 2 FAU
27
Accounting
Undergraduate 2
02/29/2012

Additional Accounting Flashcards

 


 

Cards

Term
9 ways of Accounting?
Definition
1. Create Journal 2. Post J/E to ledger (T-accounts) 3. Prepare unadjusted Trial balance 4. Unadjusted Trial balance 5. Adjusted Entries 6. Adjusted Trial Balance 7. Financial Statements 8. Closing Entries 9. Posting Closing Trial Balance
Term
What 3 things is 4. Adjusting Entrees?
Definition
1. Revenue/Expense (I/S) 2. Balance Sheet 3. No cash "Adjusting Entrees never have cash"
Term
4 types of Adjusting entrees
Definition
1. (Deferral) Converting Assets ->to Expenses
2. (Deferral) Liability (down) -> Revenue (up)
3. (Accrual) Intrest/Salaries -> Accrual unpaid exp.
4. (Accrual) Uncollected Rev.
Term
Adjusting Entrees Deferral means
Definition
1. Cash 2. Rev./Expenses and pushed back
Term
Adjusting Entrees Accrual means
Definition
1. Rev/Exp. 2. Cash (Receive cash or pay it) and add up
Term
Do Assets and contrast assets stick together? T or F
Definition
T
Term
accrue
Definition
To grow or accumulate over time
Term
accumulated depreciation
Definition
Depreciation taken throughout the useful life of an asset is accumulated in this account
Term
Adjusted Trial Balance
Definition
A schedule indicating the balance in ledger accounts after end-of-period adjusting entries have been posted. The amounts shown in the adjusted trial balance are carried directly into financial statements.
Term
Unearned Rev. is a
Definition
Liability- can be current if earned within the year
Term
Current asset can be converted when?
Definition
within the year or less
Term
Adjusted Trial balance
Definition
1. I/S
2. R/E
3. Statement of C/F
Term
Retained Earning
Definition
Beg. R/E + N/I - Div.=End R.E.
Term
Disclosure
Definition
Acc. Methods deprecation methods
Due dates of major liabilities
Term
Temporary Accounts
Definition
Income Statement Rev. + Exp., Inc. Summary, Dividends
Term
Permanent Accounts
Definition
B.S. Accounts, R/E
Term
Closing Entries to Close Rev.
Definition
to Inc. Summary
Term
Closing Entries to Close Exp.
Definition
to Inc. Summary
Term
Closing Entries to Income Summary
Definition
to R/E
Term
Closing Entries to Dividends
Definition
R/E
Term
Unexpired and Prepaid =
Definition
Asset
Term
Consulting Fes Earned=
Definition
Rev.
Term
Unearned Rev =
Definition
Liability
Term
Profitability
Definition
Make a profit, gain a benefit
Term
Liquidity
Definition
Having the financial ability to pay debts as they become due
Term
Normal Order in which Financial Statements are prepared?
Definition
Income Statement, Statement of Retained Earnings, Balance Sheet
Term
Accrual Accounting
Definition
Revenue when earned, Expenses when occurred
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