2. wlord@uppercapetech.comWilliam Lord - Upper Cape Tech School 100 200 300 400 500 300 200 400 500 Class- ifications Terms MISC Accounting Cycle End of Period

3. Anything of value that is owned or controlled by an individual or business organization is called a/an ______.

4. What is ASSET

5. The owner's claims to the total assets of the business are called

6. What is OWNER’S EQUITY

7. The revenue, expense, and withdrawals accounts are called

8. What is TEMPORARY CAPITAL ACCOUNTS

9. When an owner takes cash or other assets from the business for personal use

10. What is WITHDRAWAL

11. accounts whose balances are carried from one accounting period to the next.

12. What is PERMANENT ACCOUNTS

13. A business with a single owner is a (n) ______.

14. What is SOLE PROPRIETORSHIP

15. A financial recordkeeping system in which each business transaction affects at least two accounts

16. What is DOUBLE-ENTRY ACCOUNTING

17. A paper that serves as evidence that a transaction occurred

18. What ARE SOURCE DOCUMENTS

19. The process of determining any differences between a bank statement's balance and the checkbook balance.

20. What is RECONCILING THE BANK STATEMENT

21. A record showing the increases or decreases, and balance, of a specific asset, liability, or equity.

22. What is an ACCOUNT

23. The total amount of money to be received in the future for goods or services sold on credit

24. What are ACCOUNTS RECEIVABLE

25. The total amount of money owed to a business's creditors

26. What is ACCOUNTS PAYABLE

27. The amount entered on the left side of the T account

28. What is the DEBIT

29. The increase side of an account is the same side as its

30. What is BALANCE SIDE

31. The account in the general ledger used for summarizing the revenue and expenses for a fiscal period

32. What is INCOME SUMMARY

33. States that assets of the business equal the liabilities plus the owner's equity.

34. What is BASIC ACCOUNTING EQUATION

35. The process of recording business transactions in a journal

36. What is JOURNALIZING

37. The full range of accounting activities a business must complete to keep its accounting records in an orderly fashion

38. What is ACCOUNTING CYCLE

39. Journal entries made to reduce to zero the balances in the temporary capital accounts and then transfer the net income or loss to the capital account

40. What are CLOSING ENTRIES

41. Prepared to make sure the total debits are equal to the total credits in the general ledger after the closing entries have been posted.

42. What is POST-CLOSING TRIAL BALANCE

43. Reports a business's net income or net loss for a fiscal period.

44. What is INCOME STATEMENT

45. A financial statement that reports the final balances in all the asset, liability, and owner's equity accounts at the end of the fiscal period.

46. What is BALANCE SHEET

47. If the total of the credit column of the Income Statement section of the worksheet is less than the debit column

48. What is NET LOSS

49. A formula summarizing the effects on the capital account

50. What is Capital–Drawing (+net income or – net loss)

51. The permanent general ledger accounts are extended to the ___ of the work sheet.

52. What is BALANCE SHEET SECTION

53. Wild Card!