cash paid for an expense in one fiscal period that is not used until a later period.

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Accounting I Chapter 6 Key Terms

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Worksheet and Adjusting Entries for a Service Business

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fiscal period The length of time for which a business summarizes its financial information and reports its financial performance

fiscal year A fiscal period consisting of 12 consecutive months

work sheet A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.

trial balance The total of all debit account balances must equal the total of all credit account balances and this accounting form is used to prove the equality of debits and credits in a general ledger.

prepaid expense Cash paid for an expense in one fiscal period that is not used until a later period

accrual basis of accounting Reporting income when it is earned and expenses when they are incurred

cash basis of accounting Reporting income when the cash is received and expenses when the cash is paid

adjustments Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period

balance sheet A financial statement that reports assets, liabilities, and owner's equity on a specific date

income statement A financial statement showing the revenue and expenses for a fiscal period

net loss The difference between total revenue and total expenses when total expenses are greater

net income The difference between total revenue and total expenses when total revenue is greater

adjusting entries Journal entries recorded to update general ledger accounts at the end of a fiscal period

Consistent Reporting An accounting concept applied when the same accounting procedures are followed in the same way in each accounting period

Matching Expenses with Revenue An accounting concept applied when amounts that helped earn revenue for a period must be reported as expenses in the same period

Materiality An accounting concept applied when business activities creating dollar amounts large enough to affect business decisions should be recorded and reported as separate items in the accouning records and financial statements.

Unit of Measurement An accounting concept requiring that business transactions be reported in numbers that have common values--that is, using a common unit, for example, U.S. dollars

Accounting Period Cycle An accounting concept applied when changes in financial information are reported for a specific period of time in the form of financial statements

Exchange Rate The value of one currency for the purpose of conversion to another

AICPA American Institute of Certified Public Accountants

NASDAQ created by the National Association of Securities Dealers (NASD) to enable investors to trade securities on a computerized, speedy and transparent system, and commenced operations on February 8, 1971

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Accounting Ch 6 Flashcards

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Accounting Ch 6

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Accrual basis of accounting

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Reporting income when it is earned and expenses when they are incurred

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Adjusting Entries

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Journal entries recorded to update general ledger accounts at the end of fiscal period

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Terms in this set (33)

Accrual basis of accounting

Reporting income when it is earned and expenses when they are incurred

Adjusting Entries

Journal entries recorded to update general ledger accounts at the end of fiscal period

Adjustments

Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period

Balance Sheet

A financial statement that reports assets, liabilities, and owner's equity on a specfic date

Cash basis of accounting

Reporting income when the cash is received and expenses when the cash is paid

Fiscal Period

The length of time for which a business summarizes its financial information and reports its financial performance

Fiscal Year

A fiscal period consisting of 12 consecutive months

Income Statement

A financial statement showing the revenue and expenses for a fiscal period

Net Income

The difference between total revenue and total expenses when total revenue is greater

Net Loss

The difference between total revenue and total expenses when total expenses are greater

Prepaid Expense

Cash paid for an expense in one fiscal period that is not used until a later period

Trial Balance

A proof of equality of debits and credits in a general ledger

Work Sheet

A columnar accounting form used to summarize the general ledger information needed to prepare financial statements

1. The accounting concept Consistent Reporting is being applied when a delivery business reports revenue for the number of deliveries made one year and the amount of revenue received for the deliveries made the next year

False

2. A fiscal period must be 12 months in length

False

3.Journals, ledgers, and work sheets are considered permanent records

False

4. The heading on a work sheet contains the name of the business, the name of the report, and the date of the report

True

5. Only accounts with a balance are listed on a trial balance

False

6. The 4 questions asked when analyzing an adjustment are: Why? Where? When? and How?

False

7. The two accounts affected by the adjustments for supplies are Supplies and Supplies Expense

True

8. The two accounts affects by the adjustment for insurance are Prepaid Insurance Expense and Insurance

False

9. The balance in Prepaid Insurance after adjusting entries are recorded represents the amount of insurance premium still remaining

True

10. Totaling and ruling the Adjustments columns of a work sheet are necessary to prove the equality of debits and credits

True

11. The income statement and balance sheet are prepared from the Trial Balance columns on the work sheet

False

12. Net income on a work sheet is calculated by subtracting the Income Statement Debit column total from the Income Statement Credit column total

True

13. If errors are found on a work sheet, they must be erased and corrected before any further work is completed

True

14. When two column totals are not in balance on the work sheet, the difference between the two totals is calculated and checked

True

15. If the difference between the totals of Debit and Credit columns on a work sheet can be evenly divided by 9, then the error is most likely a transposed number

True

16. If there are errors in the work sheet's Trial Balance columns, it might be because a general ledger account balance was recorded in the wrong Trial Balance column

True

17. Most errors occur in doing arithmetic

True

18. The best way to prevent errors is to use a calculator

False

19. Adjusting entries must be posted to the general ledger accounts

True

20. The balance in Supplies Expense after adjusting entries are recorded represents the amount of supplies used during the fiscal period

True

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Century 21 Accounting: General Journal

Transform your high school accounting course with CENTURY 21 ACCOUNTING GENERAL JOURNAL 10E, the leader in high school accounting education for more than 100 years. Input from educators, accounting professionals, content experts, and high school accounting students has informed the tenth edition's new critical-thinking activities, real-world applications, updated Accounting instruction, and enhanced online learning solutions, including Online Working Papers and Automated Accounting Online computerized accounting software. CENTURY 21 ACCOUNTING 10E maintains its renowned instructional design and step-by-step approach to teaching the mechanics of accounting. Greater emphasis on conceptual understanding and financial statement analysis in the tenth edition encourages students to apply accounting concepts to real-world situations and make informed business decisions. New features like Forensic Accounting, Think Like an Accountant, Financial Literacy, and Why Accounting? are a few examples of the expanded opportunities for students to master valued skills, such as critical thinking and technology use, as defined by the Partnership for 21st Century Skills. In addition, commercial technology, integrated throughout the text, equips students to work with Microsoft Excel, Peachtree, QuickBooks, and Automated Accounting Online, with step-by-step instructions and the flexibility to use multiple versions of software. Trust the dedicated leader in accounting education to transform your accounting course with a time-tested instructional design, enhanced digital solutions, and a comprehensive package to address your contemporary classroom needs and prepare your students for success in the 21st century.Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.

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Transform your high school accounting course with CENTURY 21 ACCOUNTING GENERAL JOURNAL 10E, the leader in high school accounting education for more than 100 years. Input from educators, accounting professionals, content experts, and high school accounting students has informed the tenth edition's new critical-thinking activities, real-world applications, updated Accounting instruction, and enhanced online learning solutions, including Online Working Papers and Automated Accounting Online computerized accounting software. CENTURY 21 ACCOUNTING 10E maintains its renowned instructional design and step-by-step approach to teaching the mechanics of accounting. Greater emphasis on conceptual understanding and financial statement analysis in the tenth edition encourages students to apply accounting concepts to real-world situations and make informed business decisions. New features like Forensic Accounting, Think Like an Accountant, Financial Literacy, and Why Accounting? are a few examples of the expanded opportunities for students to master valued skills, such as critical thinking and technology use, as defined by the Partnership for 21st Century Skills. In addition, commercial technology, integrated throughout the text, equips students to work with Microsoft Excel, Peachtree, QuickBooks, and Automated Accounting Online, with step-by-step instructions and the flexibility to use multiple versions of software. Trust the dedicated leader in accounting education to transform your accounting course with a time-tested instructional design, enhanced digital solutions, and a comprehensive package to address your contemporary classroom needs and prepare your students for success in the 21st century.

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Accounting for a Service Business Organized as a Proprietorship

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Accounting Concepts

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Using a Calculator and Computer Keypad

Recycling Problems

Answers to Audit Your Understanding

Glossary Glosario Index

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➊ Write 2014 Cengage Learning account balance Account Title column accounting equation accounts payable accounts receivable adjusted trial balance adjusting entries amount column asset account balance sheet calculate capital cash payments journal cash receipts journal Chapter chart of accounts closing entries copied Copyright 2014 Cengage corporation cost of merchandise Credit column DATE ACCOUNT TITLE December 31 Delgado Web Services depreciation expense discount Dividends Due to electronic duplicated earnings eBook and/or eChapter(s electronic rights employee equipment Federal Income Tax financial statements fiscal period income statement Income Summary invoice Journalize and post ledger accounts liabilities merchandise inventory owner’s equity Paid cash payroll taxes petty cash plant asset POST.REF Prepaid Insurance Preparing ratio Received cash recorded revenue Rights Reserved sales tax scanned source document stockholders Sun Treasures Supplies suppressed Tax Payable third party content ThreeGreen trial balance uncollectible accounts vendor whole

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