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Published byChloe Hopkins
Modified over 6 years ago
Examples temporary accounts that need to be closed at the end of the year
Full Disclosure Principle
List of all accounts and their balances
Revenue collected but not yet earned
Expenditures that are periodic and routine
Revenues Expenses Owner’s Withdrawals
Contra Asset account with a normal credit balance
States that businesses should use the same accounting method period to period
Debt that has to be paid within the next year
The account that Income Summary is closed to
States businesses must provide enough information for outsiders to make knowledgeable decisions about the company
Helps accountants: prepare financial statements close accounts make adjusting entries
ACCOUNTING JEOPARDY ACCOUNTING REVIEW DOCSEDA.
Recording Adjusting and Closing Entries for a Service Business
Principles of Financial Accounting
ACCT 2110 GENERAL LEDGER. ACCOUNTING EQUATION n Assets = Equities n Assets = Liabilities + Owner’s equity.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Recording Adjusting Entries Accounting Period Cycle: When a company prepares a.
Question Answer Accounting I Debits & Credits Analyzing.
Completing the Accounting Cycle
Chapter 3 Completing the Accounting Cycle. Chapter 3Mugan-Akman Accounting Cycle Analyze and record the transactions Post the transactions.
Accrual Accounting. Accounting that records the impact of a business event as it occurs regardless of whether the transaction affected cash.
Completion of the Accounting Cycle. Accounting Cycle During Period Collect transaction data from business documents Analyze transactions and journalize.
Copyright © 2007 Prentice-Hall. All rights reserved 1 Completing the Accounting Cycle Chapter 4.
The Accounting Process
Chapter 3 Completing the Accounting Cycle. Chapter 3Mugan-Akman Accounting Cycle Analyze and record the transactions Post the transactions and.
The Accounting Cycle Continued – Preparing Worksheets and Financial Statements Chapter 4 2.
HFT 2401 Financial Accounting
4 - 1 ©2002 Prentice Hall, Inc. Business Publishing Accounting, 5/E Horngren/Harrison/Bamber Completing the Accounting Cycle Chapter 4.
© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin1 Completing the Accounting Cycle Chapter 4 4.
Keyterms Journal Entries Closing Entries Normal Balance Accounting Cycle
Closing Entries Closing Entries are journal entries made to close the balances in the temporary capital accounts and to transfer the net income or net.
HFT 2403 Financial Accounting Exam 1 Review. Chapter 1 Definitions of accounting principles –Cost Principle –Business Entity –Continuity of the Business.
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