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The Accounting Cycle What Is the Accounting Cycle? Accounting Information and the Accounting Cycle > The Accounting Cycle The Accounting Cycle What Is the Accounting Cycle? Recording Transactions Journalizing Posting The Trial Balance Adjustments Preparing Financial Statements Closing the Cycle The Post-Closing Trial Balance Reversing Entries Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
What Is the Accounting Cycle? Accounting Information and the Accounting Cycle > The Accounting Cycle What Is the Accounting Cycle? The accounting cycle has 8 Steps. Each transaction must be analyzed to determine whether it qualifies as a business transaction. The accounting cycle runs within the accounting period. The goal of the accounting cycle is to produce financial statements for the company. The General Ledger View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/what-is-the-accounting-cycle-141-6019?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
Recording Transactions Accounting Information and the Accounting Cycle > The Accounting Cycle Recording Transactions Source documents are important because they are the ultimate proof a business transaction has occurred. An account is a part of the accounting system used to classify and summarize the increases, decreases, and balances of each asset, liability, stockholders' equity item, dividend, revenue, and expense. The accounting requirement that each transaction be recorded by an entry that has equal debits and credits is called double-entry procedure. This double-entry procedure keeps the accounting equation in balance. The General Ledger View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/recording-transactions-142-11156?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
Accounting Information and the Accounting Cycle > The Accounting Cycle Journalizing Special journals are designed to facilitate the process of journalizing and posting transactions. They are used for the most frequent transactions in a business. Journal entries are prepared after examining the source document to see if a business transaction has taken place. The total amount debited and the total amount credited should always be equal, thereby ensuring the accounting equation is maintained. The company's income statement View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/journalizing-143-11155?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
Posting Posting is always from the journal to the ledger accounts. Accounting Information and the Accounting Cycle > The Accounting Cycle Posting Posting is always from the journal to the ledger accounts. Postings can be made at the time the transaction is journalized; at the end of the day, week, or month; or as each journal page is filled. Cross-indexing is the placing of the account number of the ledger account in the general journal and the general journal page number in the ledger account. The General Ledger View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/posting-144-595?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
Accounting Information and the Accounting Cycle > The Accounting Cycle The Trial Balance A trial balance is prepared after all the journal entries for the period have been recorded. The trial balance lists all of the ledger, both general journal and special, accounts and their debit or credit balances. A trial balance only checks the sum of debits against the sum of credits. If debits do not equal credits then the accountant or bookkeeper must determine why. The Trial Balance View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/the-trial-balance-145-6018?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
Accounting Information and the Accounting Cycle > The Accounting Cycle Adjustments The matching principle of accrual accounting demands that revenues and associated costs are recognized in the same accounting period. The types of adjusting entries are prepayments, accrual, estimates, and inventory. Depreciation is an example of an estimated adjusting entry. In a periodic inventory system, an adjusting entry is used to determine the cost of goods sold expense. However, an adjusting entry is not necessary for a company using perpetual inventory. Adjusting entries for expenses such as interest, taxes, rent, and salaries are the most common accrual entries. The General Ledger View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/adjustments-146-4332?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
Preparing Financial Statements Accounting Information and the Accounting Cycle > The Accounting Cycle Preparing Financial Statements The purpose of financial statements are to provide both business insiders and outsiders a concise, clear picture of the current financial status in the business. Therefore, the people who use the statements must be confident in its accuracy. Closing the books is simply a matter of ensuring that transactions that take place after the business's financial period are not included in the financial statements. Adjusting entries are generally made in relation to prepaid expenses, prepayments, accruals, estimates and inventory. When an audit is completed, the auditor will issue a report regarding whether the statements are accurate. To ensure a positive reports, some companies try to participate in opinion shopping. This practice is generally prohibited.. Example 3 View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/preparing-financial-statements-147-11154?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
Closing the Cycle Closing may be performed monthly or annually. Accounting Information and the Accounting Cycle > The Accounting Cycle Closing the Cycle Closing may be performed monthly or annually. There are four basic steps to closing the books. Closing the revenue accounts—transferring the balances in the revenue accounts to a clearing account called Income Summary. Closing the expense accounts—transferring the balances in the expense accounts to a clearing account called Income Summary. Closing the Income Summary account—transferring the balance of the Income Summary account to the Retained Earnings account (also known as the capital account). Closing the Dividends account—transferring the balance of the Dividends account to the Retained Earnings Account. Example 1 View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/closing-the-cycle-148-6597?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
The Post-Closing Trial Balance Accounting Information and the Accounting Cycle > The Accounting Cycle The Post-Closing Trial Balance A post-closing trial balance checks the accuracy of the closing process. A post-closing trial balance proves that the books are in balance at the start of the new accounting period. The post-closing trial balance differs from the adjusted trial balance. The Trial Balance View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/the-post-closing-trial-balance-149-414?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
Accounting Information and the Accounting Cycle > The Accounting Cycle Reversing Entries Reversing entries are optional, and some firms do not perform them. A reversing entry reverses an adjusting entry exactly. Reversing entries are performed because they reduce errors and save time. The General Ledger View on Boundless.com Free to share, print, make copies and changes. Get yours at www.boundless.com www.boundless.com/accounting/textbooks/boundless-accounting-textbook/accounting-information-and-the-accounting-cycle-2/the-accounting-cycle-23/reversing-entries-150-1116?campaign_content=book_378_section_23&campaign_term=Accounting&utm_campaign=powerpoint&utm_medium=direct&utm_source=boundless
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Accounting Information and the Accounting Cycle Key terms account A registry of pecuniary transactions; a written or printed statement of business dealings or debts and credits, and also of other things subjected to a reckoning or review accrue (intransitive, accounting) To be incurred as a result of the passage of time.The monthly financial statements show all the actual but only some of the accrued expenses. adjusted trial balance a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business after adjusting entries are made adjusting entry Journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. audit An independent review and examination of records and activities to assess the adequacy of system controls, to ensure compliance with established policies and operational procedures, and to recommend necessary changes in controls, policies, or procedures bookkeeping The skill or practice of keeping books or systematic records of financial transactions, e.g., income and expenses. closing entry a journal entry made at the end of an accounting period to transfer temporary accounts to permanent accounts credit an entry in the right hand column of an account; credits increase liability, income, and equity accounts and decrease asset and expense accounts Free to share, print, make copies and changes. Get yours at www.boundless.com
equality The fact of being equal; of having the same value. Accounting Information and the Accounting Cycle credit an entry in the right hand column of an account; credits increase liability, income, and equity accounts and decrease asset and expense accounts debit an entry in the left hand column of an account to record a debt; debits increase asset and expense accounts and decrease liability, income, and equity accounts equality The fact of being equal; of having the same value. Facilitate To make easy or easier. general journal where double entry bookkeeping entries are recorded by debiting one or more accounts and crediting another one or more accounts with the same total amount journalizing the act of recording bookkeeping entries ledger A book for keeping notes, especially one for keeping accounting records. (accounting) A collection of accounting entries consisting of credits and debits. opinion shopping The process of contracting or rejecting auditors based on the type of opinion report they will issue on the auditee. Free to share, print, make copies and changes. Get yours at www.boundless.com
posting an item inserted into a register, ledger or diary Accounting Information and the Accounting Cycle post-closing trial balance a check that closing entries were done correctly posting an item inserted into a register, ledger or diary revenue Income that a company receives from its normal business activities, usually from the sale of goods and services to customers. source The person, place or thing from which something (information, goods, etc. ) comes or is acquired. summarize To give a recapitulation of the salient facts; to recapitulate or review temporary account an account that is closed at the end of the period to be made a permanent account trial balance a statement of the balances of all nominal accounts in a double-entry ledger, made to test their equality Free to share, print, make copies and changes. Get yours at www.boundless.com
The Trial Balance Accounting Information and the Accounting Cycle The post-closing trial balance proves debits still equal credits after the closing entries have been made. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "All sizes | y2cary3n6mng-daet13-example-of-a-trial-balance | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/sampjb/7690682230/sizes/m/ View on Boundless.com
The General Ledger Accounting Information and the Accounting Cycle The General Ledger contains all entries from both the General Journal and the Special Journals. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "All sizes | y2cary3n6mng-vjl146-journals-to-general-ledger (2) | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/sampjb/7690686912/sizes/l/ View on Boundless.com
T-Account Accounting Information and the Accounting Cycle T-accounts are so named because of their "T" shape, with the name of the account on top, and debits and credits on the left and right, respectively. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "y2cary3n6mng-a1txnb-debits-and-credits | Flickr - Photo Sharing!." CC BY-SA http://www.flickr.com/photos/sampjb/7690681446/ View on Boundless.com
Example 1 Accounting Information and the Accounting Cycle Pre-opening and July T-accounts. Free to share, print, make copies and changes. Get yours at www.boundless.com Google. CC BY-SA https://docs.google.com/viewer?a=v&pid=gmail&attid=0.3&thid=13c69c043341f989&mt=application/vnd.openxmlformats-officedocument.wordprocessingml.document&url=https://mail.google.com/mail/ca/u/0/?ui%253D2%2526ik%253Da1dd8901bc%2526view%253Datt%2526th%253D13c69c043341f989%2526attid%253D0.3%2526disp%253Dsafe%2526realattid%253D984bfed9aa410bfa_0.3%2526zw&sig=AHIEtbQSUrMC9H34vuKDUQ3ymaDV4EclMw View on Boundless.com
The Trial Balance Accounting Information and the Accounting Cycle The post-closing trial balance proves debits still equal credits after the closing entries have been made. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "All sizes | y2cary3n6mng-daet13-example-of-a-trial-balance | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/sampjb/7690682230/sizes/m/ View on Boundless.com
Example 1 Accounting Information and the Accounting Cycle Closing entries for Highland Yoga in July. Free to share, print, make copies and changes. Get yours at www.boundless.com Google. CC BY-SA https://docs.google.com/viewer?a=v&pid=gmail&attid=0.4&thid=13c69c043341f989&mt=application/vnd.openxmlformats-officedocument.wordprocessingml.document&url=https://mail.google.com/mail/ca/u/0/?ui%253D2%2526ik%253Da1dd8901bc%2526view%253Datt%2526th%253D13c69c043341f989%2526attid%253D0.4%2526disp%253Dsafe%2526realattid%253D984bfed9aa410bfa_0.4%2526zw&sig=AHIEtbROwVY9fHKf9H7EmQL-8Zc_OrKRdg View on Boundless.com
The General Ledger Accounting Information and the Accounting Cycle The General Ledger contains all entries from both the General Journal and the Special Journals. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "All sizes | y2cary3n6mng-vjl146-journals-to-general-ledger (2) | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/sampjb/7690686912/sizes/l/ View on Boundless.com
The General Ledger Accounting Information and the Accounting Cycle Reversing entries prevent double recording expenses or revenues. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "All sizes | y2cary3n6mng-vjl146-journals-to-general-ledger (2) | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/sampjb/7690686912/sizes/l/ View on Boundless.com
Example 2 Accounting Information and the Accounting Cycle August T-accounts. Free to share, print, make copies and changes. Get yours at www.boundless.com Google. CC BY-SA https://docs.google.com/viewer?a=v&pid=gmail&attid=0.3&thid=13c69c043341f989&mt=application/vnd.openxmlformats-officedocument.wordprocessingml.document&url=https://mail.google.com/mail/ca/u/0/?ui%253D2%2526ik%253Da1dd8901bc%2526view%253Datt%2526th%253D13c69c043341f989%2526attid%253D0.3%2526disp%253Dsafe%2526realattid%253D984bfed9aa410bfa_0.3%2526zw&sig=AHIEtbQSUrMC9H34vuKDUQ3ymaDV4EclMw View on Boundless.com
Journal Entry Accounting Information and the Accounting Cycle Journal entries record business transactions so they may later be used to create financial statements. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "All sizes | EGL P&L web | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/7paths/3792294012/sizes/m/ View on Boundless.com
The General Ledger Accounting Information and the Accounting Cycle The General Ledger contains all entries from both the General Journal and the Special Journals. Using a double entry system to record transactions keeps the accounts in balance. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "All sizes | y2cary3n6mng-vjl146-journals-to-general-ledger (2) | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/sampjb/7690686912/sizes/l/ View on Boundless.com
The General Ledger Accounting Information and the Accounting Cycle All transactions made by the company in relation to the bond must be recorded in its general ledger. The general ledger contains all entries from both the General Journal and the Special Journals. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "All sizes | y2cary3n6mng-vjl146-journals-to-general-ledger (2) | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/sampjb/7690686912/sizes/l/ View on Boundless.com
Example 1 Accounting Information and the Accounting Cycle July closing journal entries. Free to share, print, make copies and changes. Get yours at www.boundless.com Google. CC BY-SA https://docs.google.com/viewer?a=v&pid=gmail&attid=0.4&thid=13c69c043341f989&mt=application/vnd.openxmlformats-officedocument.wordprocessingml.document&url=https://mail.google.com/mail/ca/u/0/?ui%253D2%2526ik%253Da1dd8901bc%2526view%253Datt%2526th%253D13c69c043341f989%2526attid%253D0.4%2526disp%253Dsafe%2526realattid%253D984bfed9aa410bfa_0.4%2526zw&sig=AHIEtbROwVY9fHKf9H7EmQL-8Zc_OrKRdg View on Boundless.com
Example 2 Accounting Information and the Accounting Cycle Closing entries for Highland Yoga in August. Free to share, print, make copies and changes. Get yours at www.boundless.com Google. CC BY-SA https://docs.google.com/viewer?a=v&pid=gmail&attid=0.4&thid=13c69c043341f989&mt=application/vnd.openxmlformats-officedocument.wordprocessingml.document&url=https://mail.google.com/mail/ca/u/0/?ui%253D2%2526ik%253Da1dd8901bc%2526view%253Datt%2526th%253D13c69c043341f989%2526attid%253D0.4%2526disp%253Dsafe%2526realattid%253D984bfed9aa410bfa_0.4%2526zw&sig=AHIEtbROwVY9fHKf9H7EmQL-8Zc_OrKRdg View on Boundless.com
Example 2 Accounting Information and the Accounting Cycle August closing journal entries. Free to share, print, make copies and changes. Get yours at www.boundless.com Google. CC BY-SA https://docs.google.com/viewer?a=v&pid=gmail&attid=0.4&thid=13c69c043341f989&mt=application/vnd.openxmlformats-officedocument.wordprocessingml.document&url=https://mail.google.com/mail/ca/u/0/?ui%253D2%2526ik%253Da1dd8901bc%2526view%253Datt%2526th%253D13c69c043341f989%2526attid%253D0.4%2526disp%253Dsafe%2526realattid%253D984bfed9aa410bfa_0.4%2526zw&sig=AHIEtbROwVY9fHKf9H7EmQL-8Zc_OrKRdg View on Boundless.com
Example 3 Accounting Information and the Accounting Cycle August financial statements for Highland Yoga Free to share, print, make copies and changes. Get yours at www.boundless.com Google. CC BY-SA https://docs.google.com/viewer?a=v&pid=gmail&attid=0.4&thid=13c69c043341f989&mt=application/vnd.openxmlformats-officedocument.wordprocessingml.document&url=https://mail.google.com/mail/ca/u/0/?ui%253D2%2526ik%253Da1dd8901bc%2526view%253Datt%2526th%253D13c69c043341f989%2526attid%253D0.4%2526disp%253Dsafe%2526realattid%253D984bfed9aa410bfa_0.4%2526zw&sig=AHIEtbROwVY9fHKf9H7EmQL-8Zc_OrKRdg View on Boundless.com
The company's income statement Accounting Information and the Accounting Cycle The company's income statement Closing the accounts prepares the ledger for the next accounting period. Free to share, print, make copies and changes. Get yours at www.boundless.com Flickr. "All sizes | EGL P&L web | Flickr - Photo Sharing!." CC BY http://www.flickr.com/photos/7paths/3792294012/sizes/m/ View on Boundless.com
Which of these is NOT one of the eight steps in the accounting cycle? Accounting Information and the Accounting Cycle Which of these is NOT one of the eight steps in the accounting cycle? A) Analyze the source documents B) Prepare a post-closing trial balance C) Prepare the financial statements D) Prepare a pre-closing trial balance Free to share, print, make copies and changes. Get yours at www.boundless.com
Which of these is NOT one of the eight steps in the accounting cycle? Accounting Information and the Accounting Cycle Which of these is NOT one of the eight steps in the accounting cycle? A) Analyze the source documents B) Prepare a post-closing trial balance C) Prepare the financial statements D) Prepare a pre-closing trial balance Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
A business transaction can be: Accounting Information and the Accounting Cycle A business transaction can be: A) Exchanging goods for cash B) Paying salaries C) Issuing a credit D) All of these answers Free to share, print, make copies and changes. Get yours at www.boundless.com
A business transaction can be: Accounting Information and the Accounting Cycle A business transaction can be: A) Exchanging goods for cash B) Paying salaries C) Issuing a credit D) All of these answers Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
A source document is best described as Accounting Information and the Accounting Cycle A source document is best described as A) Paperwork related to a business's revenues B) An original reciept C) Proof that a business transaction has taken place D) A transaction of any kind Free to share, print, make copies and changes. Get yours at www.boundless.com
A source document is best described as Accounting Information and the Accounting Cycle A source document is best described as A) Paperwork related to a business's revenues B) An original reciept C) Proof that a business transaction has taken place D) A transaction of any kind Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
The purpose of the double-entry procedure in accounting is to Accounting Information and the Accounting Cycle The purpose of the double-entry procedure in accounting is to A) Prepare the journals B) Create the financials C) Keep the accounting equation in balance D) Record debits and credits Free to share, print, make copies and changes. Get yours at www.boundless.com
The purpose of the double-entry procedure in accounting is to Accounting Information and the Accounting Cycle The purpose of the double-entry procedure in accounting is to A) Prepare the journals B) Create the financials C) Keep the accounting equation in balance D) Record debits and credits Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
In a T-account the normal balance side shows Accounting Information and the Accounting Cycle In a T-account the normal balance side shows A) Decreases B) Increases C) Opening balance D) The account title Free to share, print, make copies and changes. Get yours at www.boundless.com
In a T-account the normal balance side shows Accounting Information and the Accounting Cycle In a T-account the normal balance side shows A) Decreases B) Increases C) Opening balance D) The account title Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
When using a T-account all of the following are true EXCEPT Accounting Information and the Accounting Cycle When using a T-account all of the following are true EXCEPT A) Debits are entered on the left B) Credits are entered on the right C) The normal balance side is the increase side D) All T-accounts are the same whether for debit accounts or credit accounts Free to share, print, make copies and changes. Get yours at www.boundless.com
When using a T-account all of the following are true EXCEPT Accounting Information and the Accounting Cycle When using a T-account all of the following are true EXCEPT A) Debits are entered on the left B) Credits are entered on the right C) The normal balance side is the increase side D) All T-accounts are the same whether for debit accounts or credit accounts Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Which of the following accounts has a normal debit balance? Accounting Information and the Accounting Cycle Which of the following accounts has a normal debit balance? A) net sales revenue B) sales revenue C) Sales returns and allowances D) inventory expense Free to share, print, make copies and changes. Get yours at www.boundless.com
Which of the following accounts has a normal debit balance? Accounting Information and the Accounting Cycle Which of the following accounts has a normal debit balance? A) net sales revenue B) sales revenue C) Sales returns and allowances D) inventory expense Free to share, print, make copies and changes. Get yours at www.boundless.com Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
Accounting Information and the Accounting Cycle Which of the following types of accounts does NOT have a normal credit balance? A) revenues B) liabilities C) capital D) assets Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle Which of the following types of accounts does NOT have a normal credit balance? A) revenues B) liabilities C) capital D) assets Free to share, print, make copies and changes. Get yours at www.boundless.com Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
Accounting Information and the Accounting Cycle Barnby Clothing Company decided to buy a new factory and expand the business. The purchase cost was $300,000. Barnby Clothing Company paid $150,000 in cash and took out a loan for the remainder of the purchase cost. When Barnby completed this transaction, what happened to the accounting equation? A) An asset was credited, another asset was debited, and a liability was credited. B) An asset was credited, another asset was debited, and an expense was credited. C) An expense was credited, and an asset was debited. D) A liability was debited, and an asset was credited. Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle Barnby Clothing Company decided to buy a new factory and expand the business. The purchase cost was $300,000. Barnby Clothing Company paid $150,000 in cash and took out a loan for the remainder of the purchase cost. When Barnby completed this transaction, what happened to the accounting equation? A) An asset was credited, another asset was debited, and a liability was credited. B) An asset was credited, another asset was debited, and an expense was credited. C) An expense was credited, and an asset was debited. D) A liability was debited, and an asset was credited. Free to share, print, make copies and changes. Get yours at www.boundless.com Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
When is journal entry prepared? Accounting Information and the Accounting Cycle When is journal entry prepared? A) At the beginning of the month B) At the end of the month C) After examining the source document and determining a business transaction has occurred D) During the fiscal year Free to share, print, make copies and changes. Get yours at www.boundless.com
When is journal entry prepared? Accounting Information and the Accounting Cycle When is journal entry prepared? A) At the beginning of the month B) At the end of the month C) After examining the source document and determining a business transaction has occurred D) During the fiscal year Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle When making entries in the General Journal, what rule must always be followed? A) Debit entries are made first B) Debits must equal credits C) Credit entries are made first D) All entries belong in the general journal Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle When making entries in the General Journal, what rule must always be followed? A) Debit entries are made first B) Debits must equal credits C) Credit entries are made first D) All entries belong in the general journal Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Sales or purchases are examples of the following type of journal: Accounting Information and the Accounting Cycle Sales or purchases are examples of the following type of journal: A) Special Journal B) General Journal C) Payroll Journal D) Transaction Journal Free to share, print, make copies and changes. Get yours at www.boundless.com
Sales or purchases are examples of the following type of journal: Accounting Information and the Accounting Cycle Sales or purchases are examples of the following type of journal: A) Special Journal B) General Journal C) Payroll Journal D) Transaction Journal Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Each journal entry must have Accounting Information and the Accounting Cycle Each journal entry must have A) A dollar value B) A description C) A source document D) Both a debit and a credit Free to share, print, make copies and changes. Get yours at www.boundless.com
Each journal entry must have Accounting Information and the Accounting Cycle Each journal entry must have A) A dollar value B) A description C) A source document D) Both a debit and a credit Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
When can journal entries be posted? Accounting Information and the Accounting Cycle When can journal entries be posted? A) At the time the transaction is journalized B) All of these answers C) At a set time, such as end of day, month or period D) At the time the journal page is filled Free to share, print, make copies and changes. Get yours at www.boundless.com
When can journal entries be posted? Accounting Information and the Accounting Cycle When can journal entries be posted? A) At the time the transaction is journalized B) All of these answers C) At a set time, such as end of day, month or period D) At the time the journal page is filled Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
What is the purpose of cross-indexing? Accounting Information and the Accounting Cycle What is the purpose of cross-indexing? A) To make it possible to trace the origin of an entry B) To provide extra information about an entry C) To make it easy to find an entry later D) To keep the journal entries organized Free to share, print, make copies and changes. Get yours at www.boundless.com
What is the purpose of cross-indexing? Accounting Information and the Accounting Cycle What is the purpose of cross-indexing? A) To make it possible to trace the origin of an entry B) To provide extra information about an entry C) To make it easy to find an entry later D) To keep the journal entries organized Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle The posting process transfers the journal entries from General Journal and the Special Journals to? A) The Financial Statements B) The General Ledger Accounts C) The Trial Balance D) The Special Ledger Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle The posting process transfers the journal entries from General Journal and the Special Journals to? A) The Financial Statements B) The General Ledger Accounts C) The Trial Balance D) The Special Ledger Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
In the accounting cycle, when is the trial balance prepared? Accounting Information and the Accounting Cycle In the accounting cycle, when is the trial balance prepared? A) Before running the financial statements B) Before closing the books for the month C) After entering that period's journal entries D) After the entering that period's adjusting entries Free to share, print, make copies and changes. Get yours at www.boundless.com
In the accounting cycle, when is the trial balance prepared? Accounting Information and the Accounting Cycle In the accounting cycle, when is the trial balance prepared? A) Before running the financial statements B) Before closing the books for the month C) After entering that period's journal entries D) After the entering that period's adjusting entries Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
What does a trial balance prove? Accounting Information and the Accounting Cycle What does a trial balance prove? A) That all entries for the period are recorded B) That no adjusting entries are needed C) That debits equal credits D) That the company has an income or a loss Free to share, print, make copies and changes. Get yours at www.boundless.com
What does a trial balance prove? Accounting Information and the Accounting Cycle What does a trial balance prove? A) That all entries for the period are recorded B) That no adjusting entries are needed C) That debits equal credits D) That the company has an income or a loss Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle Which of these would cause debits to NOT equal credits in the trial balance? A) Failing to post a journal entry B) All of these answers C) Making a transposition error when recording the journal entry D) Posting a debit journal entry as a credit entry Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle Which of these would cause debits to NOT equal credits in the trial balance? A) Failing to post a journal entry B) All of these answers C) Making a transposition error when recording the journal entry D) Posting a debit journal entry as a credit entry Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle Which one of these is NOT an example something that would require an adjusting entry? A) Recording the monthly utility expense B) Recording the prepaid rent expense C) Recording the accrued interest expense D) Recording the accrued salary expense Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle Which one of these is NOT an example something that would require an adjusting entry? A) Recording the monthly utility expense B) Recording the prepaid rent expense C) Recording the accrued interest expense D) Recording the accrued salary expense Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
The revenue recognition principle states? Accounting Information and the Accounting Cycle The revenue recognition principle states? A) That income and expenses must match B) That income minus expenses equals net profit or loss C) That revenue is recorded at month end D) That expenses must be recorded in the month they occur Free to share, print, make copies and changes. Get yours at www.boundless.com
The revenue recognition principle states? Accounting Information and the Accounting Cycle The revenue recognition principle states? A) That income and expenses must match B) That income minus expenses equals net profit or loss C) That revenue is recorded at month end D) That expenses must be recorded in the month they occur Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Adjusting entries should be made? Accounting Information and the Accounting Cycle Adjusting entries should be made? A) At a specified time during the month B) At the end of the fiscal year C) At the end of the accounting period D) At the time the financials are run Free to share, print, make copies and changes. Get yours at www.boundless.com
Adjusting entries should be made? Accounting Information and the Accounting Cycle Adjusting entries should be made? A) At a specified time during the month B) At the end of the fiscal year C) At the end of the accounting period D) At the time the financials are run Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
What type of accounting system requires adjusting entries? Accounting Information and the Accounting Cycle What type of accounting system requires adjusting entries? A) A cash based system B) A fiscal year system C) An accrual based system D) A calendar year system Free to share, print, make copies and changes. Get yours at www.boundless.com
What type of accounting system requires adjusting entries? Accounting Information and the Accounting Cycle What type of accounting system requires adjusting entries? A) A cash based system B) A fiscal year system C) An accrual based system D) A calendar year system Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle If a business receives revenue that has not been earned and they account for the unearned revenue as revenue earned, how will they adjust this issue to align with GAAP? A) By debiting a liability account B) By crediting a liability account C) By debiting unearned revenue D) By crediting the cash account Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle If a business receives revenue that has not been earned and they account for the unearned revenue as revenue earned, how will they adjust this issue to align with GAAP? A) By debiting a liability account B) By crediting a liability account C) By debiting unearned revenue D) By crediting the cash account Free to share, print, make copies and changes. Get yours at www.boundless.com Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
Accounting Information and the Accounting Cycle In the beginning of the year, Cameron purchased $3,000 worth of office supplies for his home office which resulted in a debit to Supplies. On December 31, he took inventory of his office supplies and noticed that he had about $700 worth of supplies left to use. Which of the following would be a part of the journal entry to account for the use of supplies? A) Supplies: debited $700 B) Supplies expense: credited $2,300 C) Supplies: credited $2,300 AND Supplies: debited $700 D) Supplies: credited $2,300 Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle In the beginning of the year, Cameron purchased $3,000 worth of office supplies for his home office which resulted in a debit to Supplies. On December 31, he took inventory of his office supplies and noticed that he had about $700 worth of supplies left to use. Which of the following would be a part of the journal entry to account for the use of supplies? A) Supplies: debited $700 B) Supplies expense: credited $2,300 C) Supplies: credited $2,300 AND Supplies: debited $700 D) Supplies: credited $2,300 Free to share, print, make copies and changes. Get yours at www.boundless.com Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
All of these are true of financial statements EXCEPT: Accounting Information and the Accounting Cycle All of these are true of financial statements EXCEPT: A) They are only available for examination by the shareholder's in the company B) They are available for both shareholders and those outside of the business C) They present a company's relevant financial information in a structured format D) They represent the current financial status of a business Free to share, print, make copies and changes. Get yours at www.boundless.com
All of these are true of financial statements EXCEPT: Accounting Information and the Accounting Cycle All of these are true of financial statements EXCEPT: A) They are only available for examination by the shareholder's in the company B) They are available for both shareholders and those outside of the business C) They present a company's relevant financial information in a structured format D) They represent the current financial status of a business Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle What is the first step to take when preparing the financial statements? A) Entering the journal entries B) Preparing a post-closing trial balance C) Preparing the adjusted trial balance D) Entering the beginning balances Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle What is the first step to take when preparing the financial statements? A) Entering the journal entries B) Preparing a post-closing trial balance C) Preparing the adjusted trial balance D) Entering the beginning balances Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle What financial statement is created from the information found in the trial balance? A) The balance sheet B) The statement of cash flows C) The income statement D) All of these answers Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle What financial statement is created from the information found in the trial balance? A) The balance sheet B) The statement of cash flows C) The income statement D) All of these answers Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle A small law firm in Chicago was having their payroll and accounting done by a part-time employee. This employee often mentioned that the company was growing quickly and that it was becoming almost impossible to complete all accounting functions within the time allotted. This past year, the law office had their accounting records audited, and they received an audit that identified two instances in which the adjusting entry for accrued salaries did not happen. What impact did this have on the financial statements? A) The net income would be overstated. B) There was no impact, because the salaries did in fact get paid. C) The cash account would be understated. D) The liabilities would be overstated. Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle A small law firm in Chicago was having their payroll and accounting done by a part-time employee. This employee often mentioned that the company was growing quickly and that it was becoming almost impossible to complete all accounting functions within the time allotted. This past year, the law office had their accounting records audited, and they received an audit that identified two instances in which the adjusting entry for accrued salaries did not happen. What impact did this have on the financial statements? A) The net income would be overstated. B) There was no impact, because the salaries did in fact get paid. C) The cash account would be understated. D) The liabilities would be overstated. Free to share, print, make copies and changes. Get yours at www.boundless.com Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
Accounting Information and the Accounting Cycle An adjusting entry affects an account on which of the financial statements? A) the balance sheet AND the income statement B) the balance sheet C) the income statements D) the statement of owners equity Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle An adjusting entry affects an account on which of the financial statements? A) the balance sheet AND the income statement B) the balance sheet C) the income statements D) the statement of owners equity Free to share, print, make copies and changes. Get yours at www.boundless.com Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
Accounting Information and the Accounting Cycle On the accounting worksheet, where would revenues and expenses be located? A) on the unadjusted trial balance B) On the unadjusted trial balance AND On the adjusted trial balance AND On the income statement C) on the adjusted trial balance D) on the income statement Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle On the accounting worksheet, where would revenues and expenses be located? A) on the unadjusted trial balance B) On the unadjusted trial balance AND On the adjusted trial balance AND On the income statement C) on the adjusted trial balance D) on the income statement Free to share, print, make copies and changes. Get yours at www.boundless.com Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
Closing the accounting cycle is often referred to as? Accounting Information and the Accounting Cycle Closing the accounting cycle is often referred to as? A) Running the month end entries B) Closing the books C) Posting closing entries D) Finishing the books Free to share, print, make copies and changes. Get yours at www.boundless.com
Closing the accounting cycle is often referred to as? Accounting Information and the Accounting Cycle Closing the accounting cycle is often referred to as? A) Running the month end entries B) Closing the books C) Posting closing entries D) Finishing the books Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle After closing the income and revenue account balances into the Income Summary account, the balance in the income summary represents? A) Beginning balance for the period B) Ending balance for the period C) The retained earnings for the period D) Net income or loss for the period Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle After closing the income and revenue account balances into the Income Summary account, the balance in the income summary represents? A) Beginning balance for the period B) Ending balance for the period C) The retained earnings for the period D) Net income or loss for the period Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
The closing process only involves which accounts? Accounting Information and the Accounting Cycle The closing process only involves which accounts? A) Retained earnings, liability and expense B) Revenue, expense and dividend C) Asset, revenue and capital stock D) Retained earnings, asset, capital stock Free to share, print, make copies and changes. Get yours at www.boundless.com
The closing process only involves which accounts? Accounting Information and the Accounting Cycle The closing process only involves which accounts? A) Retained earnings, liability and expense B) Revenue, expense and dividend C) Asset, revenue and capital stock D) Retained earnings, asset, capital stock Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle Before you can complete the accounting worksheet, you will have to close out your temporary accounts into an income summary account. Once the income summary account has been created, it will have to be closed out at the end of the accounting cycle. What happens to the income summary account? A) It gets closed to the unearned revenue account. B) It gets closed to the cash account. C) It gets closed to the capital account D) It gets closed to the service revenue account. Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle Before you can complete the accounting worksheet, you will have to close out your temporary accounts into an income summary account. Once the income summary account has been created, it will have to be closed out at the end of the accounting cycle. What happens to the income summary account? A) It gets closed to the unearned revenue account. B) It gets closed to the cash account. C) It gets closed to the capital account D) It gets closed to the service revenue account. Free to share, print, make copies and changes. Get yours at www.boundless.com Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
Which of the following statements about the closing process is false? Accounting Information and the Accounting Cycle Which of the following statements about the closing process is false? A) Dividends are not part of the closing process because they are paid out. B) Expense accounts will be closed out to the income summary. C) The income summary will be closed out to retained earnings. D) Revenue accounts will be closed out to the income summary Free to share, print, make copies and changes. Get yours at www.boundless.com
Which of the following statements about the closing process is false? Accounting Information and the Accounting Cycle Which of the following statements about the closing process is false? A) Dividends are not part of the closing process because they are paid out. B) Expense accounts will be closed out to the income summary. C) The income summary will be closed out to retained earnings. D) Revenue accounts will be closed out to the income summary Free to share, print, make copies and changes. Get yours at www.boundless.com Saylor OER. "Business Administration « Saylor.org – Free Online Courses Built by Professors." CC BY 3.0 http://www.saylor.org/majors/Business/
When is the post-closing trial balance performed? Accounting Information and the Accounting Cycle When is the post-closing trial balance performed? A) only at the end of the month B) before running the financial statements C) after posting all the journal entries for the month D) after the closing entries have been posted the the General Ledger Free to share, print, make copies and changes. Get yours at www.boundless.com
When is the post-closing trial balance performed? Accounting Information and the Accounting Cycle When is the post-closing trial balance performed? A) only at the end of the month B) before running the financial statements C) after posting all the journal entries for the month D) after the closing entries have been posted the the General Ledger Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle The purpose of closing entires is to transfer the balances of temporary accounts to ____________. A) the retained earnings account B) the accounts receivable account C) the allowance for bad debt account D) the general ledger Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle The purpose of closing entires is to transfer the balances of temporary accounts to ____________. A) the retained earnings account B) the accounts receivable account C) the allowance for bad debt account D) the general ledger Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle In what respect does the post-closing trial balance differ from the adjusted trial balance? A) it excludes all temporary accounts B) it updates retained earnings to its proper ending balance C) it excludes all temporary accounts AND updates retained earnings to its proper ending balance D) it reflects the allowance for bad debt Free to share, print, make copies and changes. Get yours at www.boundless.com
Accounting Information and the Accounting Cycle In what respect does the post-closing trial balance differ from the adjusted trial balance? A) it excludes all temporary accounts B) it updates retained earnings to its proper ending balance C) it excludes all temporary accounts AND updates retained earnings to its proper ending balance D) it reflects the allowance for bad debt Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
What does a reversing entry cancel out? Accounting Information and the Accounting Cycle What does a reversing entry cancel out? A) An incorrect entry from the current period B) An incorrect entry from the prior period C) An entry that was double recorded D) An adjusting entry from the prior period Free to share, print, make copies and changes. Get yours at www.boundless.com
What does a reversing entry cancel out? Accounting Information and the Accounting Cycle What does a reversing entry cancel out? A) An incorrect entry from the current period B) An incorrect entry from the prior period C) An entry that was double recorded D) An adjusting entry from the prior period Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
When is a reversing entry made? Accounting Information and the Accounting Cycle When is a reversing entry made? A) The beginning of each accounting period B) The end of each accounting period C) The end of the fiscal year D) Before the trial balance is prepared Free to share, print, make copies and changes. Get yours at www.boundless.com
When is a reversing entry made? Accounting Information and the Accounting Cycle When is a reversing entry made? A) The beginning of each accounting period B) The end of each accounting period C) The end of the fiscal year D) Before the trial balance is prepared Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Reversing entries are typically used in what type of accounting? Accounting Information and the Accounting Cycle Reversing entries are typically used in what type of accounting? A) Accrual-type accounting B) Fiscal-type accounting C) Financial-type accounting D) Cash-type accounting Free to share, print, make copies and changes. Get yours at www.boundless.com
Reversing entries are typically used in what type of accounting? Accounting Information and the Accounting Cycle Reversing entries are typically used in what type of accounting? A) Accrual-type accounting B) Fiscal-type accounting C) Financial-type accounting D) Cash-type accounting Free to share, print, make copies and changes. Get yours at www.boundless.com Boundless - LO. "Boundless." CC BY-SA 3.0 http://www.boundless.com/
Accounting Information and the Accounting Cycle Attribution Dropbox. CC BY http://dl.dropbox.com/u/31779972/Accounting%2520Principles%2520Vol.%25201.pdf Boundless Learning. "Boundless." CC BY-SA 3.0 http://www.boundless.com//accounting/definition/post-closing-trial-balance Wikipedia. "Closing entries." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Closing_entries Wikipedia. "Adjusted trial balance." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Adjusted_trial_balance Wiktionary. "trial balance." CC BY-SA 3.0 http://en.wiktionary.org/wiki/trial+balance Wikipedia. "credit." CC BY-SA 3.0 http://en.wikipedia.org/wiki/credit Wikipedia. "debit." CC BY-SA 3.0 http://en.wikipedia.org/wiki/debit Wiktionary. "posting." CC BY-SA 3.0 http://en.wiktionary.org/wiki/posting Wikipedia. "General journal." CC BY-SA 3.0 http://en.wikipedia.org/wiki/General_journal Wiktionary. "ledger." CC BY-SA 3.0 http://en.wiktionary.org/wiki/ledger Wikibooks. "Accountancy/Principles of Accounting." CC BY-SA 3.0 http://en.wikibooks.org/wiki/Accountancy/Principles_of_Accounting Wikipedia. "Adjusting entries." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Adjusting_entries Wiktionary. "accrue." CC BY-SA 3.0 http://en.wiktionary.org/wiki/accrue Free to share, print, make copies and changes. Get yours at www.boundless.com
Wikipedia. "credit." CC BY-SA 3.0 http://en.wikipedia.org/wiki/credit Accounting Information and the Accounting Cycle Wiktionary. "revenue." CC BY-SA 3.0 http://en.wiktionary.org/wiki/revenue Dropbox. CC BY-SA http://dl.dropbox.com/u/31779972/Accounting%2520Principles%2520Vol.%25201.pdf Dropbox. CC BY http://dl.dropbox.com/u/31779972/Accounting%2520Principles%2520Vol.%25201.pdf Wikipedia. "Trial balance." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Trial_balance Wikipedia. "credit." CC BY-SA 3.0 http://en.wikipedia.org/wiki/credit Wikipedia. "debit." CC BY-SA 3.0 http://en.wikipedia.org/wiki/debit Wiktionary. "equality." CC BY-SA 3.0 http://en.wiktionary.org/wiki/equality Wikipedia. "Accounting period." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Accounting_period Wiktionary. "source." CC BY-SA 3.0 http://en.wiktionary.org/wiki/source Wiktionary. "summarize." CC BY-SA 3.0 http://en.wiktionary.org/wiki/summarize Wiktionary. "bookkeeping." CC BY-SA 3.0 http://en.wiktionary.org/wiki/bookkeeping Wikipedia. "Closing entries." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Closing_entries Wiktionary. "account." CC BY-SA 3.0 http://en.wiktionary.org/wiki/account Wikibooks. "Accountancy/Principles of Accounting." CC BY-SA 3.0 http://en.wikibooks.org/wiki/Accountancy/Principles_of_Accounting Wikipedia. "Financial statements." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Financial_statements Wikipedia. "Adjusting entries." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Adjusting_entries Free to share, print, make copies and changes. Get yours at www.boundless.com
Wiktionary. "audit." CC BY-SA 3.0 http://en.wiktionary.org/wiki/audit Accounting Information and the Accounting Cycle Wikipedia. "Auditor's report." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Auditor%2527s_report Dropbox. CC BY http://dl.dropbox.com/u/31779972/Accounting%2520Principles%2520Vol.%25201.pdf Wiktionary. "audit." CC BY-SA 3.0 http://en.wiktionary.org/wiki/audit Wikipedia. "opinion shopping." CC BY-SA 3.0 http://en.wikipedia.org/wiki/opinion%20shopping Wikipedia. "adjusting entry." CC BY-SA 3.0 http://en.wikipedia.org/wiki/adjusting%20entry Wikipedia. "General journal." CC BY-SA 3.0 http://en.wikipedia.org/wiki/General_journal Wikipedia. "Special journals." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Special_journals Wikipedia. "credit." CC BY-SA 3.0 http://en.wikipedia.org/wiki/credit Wikipedia. "debit." CC BY-SA 3.0 http://en.wikipedia.org/wiki/debit Wiktionary. "Facilitate." CC BY-SA 3.0 http://en.wiktionary.org/wiki/Facilitate Wikipedia. "Special journal." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Special_journal Wikipedia. "Debits and credits." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Debits_and_credits#Accounts_pertaining_to_the_five_accounting_elements Wikipedia. "Debits and credits." CC BY-SA 3.0 http://en.wikipedia.org/wiki/Debits_and_credits Wiktionary. "account." CC BY-SA 3.0 http://en.wiktionary.org/wiki/account Free to share, print, make copies and changes. Get yours at www.boundless.com