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Published byChloe Hopkins Modified over 9 years ago
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Trial Balance
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Unearned Revenue
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Accumulated Depreciation
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Worksheet
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Examples temporary accounts that need to be closed at the end of the year
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Owner’s Equity
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Current Liability
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Consistency Principle
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Full Disclosure Principle
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Ordinary repairs
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List of all accounts and their balances
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Revenue collected but not yet earned
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Expenditures that are periodic and routine
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Revenues Expenses Owner’s Withdrawals
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Contra Asset account with a normal credit balance
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States that businesses should use the same accounting method period to period
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Debt that has to be paid within the next year
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The account that Income Summary is closed to
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States businesses must provide enough information for outsiders to make knowledgeable decisions about the company
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Helps accountants: prepare financial statements close accounts make adjusting entries
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