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2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Chapter 1&2 Into to Acct Chapter 3-4Chapter 5-6Chapter 7-9 Chapter 10&11
An accountant who has met certain educational and experience requirements and passes a national test
What is a CPA?
Organizations that operate not to make an income
What are non profit organizations?
Nick name for top public accounting firms
What is big four?
The three forms of a business organization
What are sole proprietorships, partnerships and corporations
The three accounting assumptions
What are business entity, accounting period and going concern
The accounting equation
What is Assets=Liabilities + Owner’s Equity
Buying something on credit means you will pay for it…
What is later?
Income earned from the sale of goods or services
What is revenue?
The normal balance of an asset
What is debit?
The side that credit is on
What is Right?
Accounts that have zero balances at the beginning of the period:
What are temporary accounts?
The normal balance of a withdrawal account
What is debit?
Examples of source documents:
What are invoices, receipts, memorandums, etc.
A record of the transactions of a business:
What is a journal?
A 12 month period that does not start on January 1 st.
What is a fiscal year?
The process of transferring information from the journal to the ledger
What is posting?
Writing 190 as 19 is this type of error
What is a slide error?
The principle that allows a business to match revenue to expenses in a period
What is the matching principle
Expenses are greater than revenue
What is net loss?
The financial statements in order of preparation
What are income statement, statement of changes in owner’s equity, and balance sheet
The second closing entry
What is debit income summary and credit each expense account
The final step of the accounting cycle
What is post closing trial balance?
Entry to record bank service fee:
What is debit miscellaneous expense and credit cash
Checks that have been written but not presented to the bank for payment yet
What are outstanding checks?
The process of marking a check that has an error so that it will not be used:
What is voiding a check?
Recording Adjusting and Closing Entries for a Service Business
ACCT 2110 GENERAL LEDGER. ACCOUNTING EQUATION n Assets = Equities n Assets = Liabilities + Owner’s equity.
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Chapter 7 – Closing Entries. Bellringer: Solve the following formulas: 1.10,000 – X = ,000 – X = 0 What is the opposite of $10,000? What is the.
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© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1 Journalize and post closing entries.
Cooley An equation showing the relationship among assets, liabilities, and owner’s equity.
COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries -
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PowerPoint® Slides to accompany Basic Bookkeeping, Seventh Edition Prepared by JD Chazan CPA, CA National Taiwan University 15-1 Copyright © 2015 by Nelson.
Recording Adjusting and Closing Entries for a Partnership
Closing the Accounting Cycle
CCNA1 v3 Module 1 Course Chapter 1-4,6-8 JEOPARDY K. Martin.
Accounting I Chapters 1-8 Vocabulary Review. The amount in an account.
Week 6. Need to update certain general ledger accounts at the end of the fiscal period. Reflect “internal” transactions ◦ Supplies used ◦ Prepaid.
Preparing Closing Entries
Recording Adjusting and Closing Entries for a service business
Business-entity - A business should be a separate entity from the owner of a business Personal items Records and transactions.
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