ansactions D Assure that adjusting entries balance. opriate period. and prepare revenue, expense, and dividend accounts...
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ansactions D Assure that adjusting entries balance. opriate period. and prepare revenue, expense, and dividend accounts for 25. Reversing entries: A Are optional entries that are made after closing entries are made at the end of an accounting B Can only be used to reverse some, not all, of the adjusting entries. C. When done correctly can save time and avoid errors in the next accounting period. D All of the above answers are correct. PROBLEM II-Terminology Below are listed terms and phrases commonly used in accounting Match the terms with their descriptions by placing the letter designating the term by the appropriate description. A Balance sheet B. Adjusting entries C. Expenses D. Statement of cash flows E Post closing trial balance F. General ledger G- Credit H. General journal Debit 1. J. Closing entries K Prepayments L. Liabilities M. Retained earnings N. Journalize O. Post P. Special journals Q. Source documents R. Revenues S. Transaction analysis T. Deferred Revenues 1. Reports operating, investing, and financing activities. 2. Records internal transactions not previously reported. 3. Portrays financial position at a point in time. 4. Represents outflows of resources incurred to generate revenues. 5. The last step in the accounting processing cycle. 6. Refers to the right side of an account. 7. Asset and expense accounts normally have this type of balance 8. The place where any type of transaction can be recorded in chronological order. 9. Contains all the accounts of an entity. 10. Used to reset temporary accounts to a zero balance. 11. When cash flow precedes either expense or revenue recognition. 12. Transfer balances from journals to ledgers. 13. Recording chronologically the effects of transactions in debit/credit form. 14. Refers to nonowner claims against the assets of a company. 15. Represents the cumulative amount of net income, less distributions to shareholders. 16. Used to record repetitive types of transactions. 17. Refers to inflows of assets from the sale of goods and services. 18. Used to identify external transactions. 19. Liabilities created by a customer's prepayment. 20. Determines the effects of an event in terms of the accounting equation. ansactions D Assure that adjusting entries balance. opriate period. and prepare revenue, expense, and dividend accounts for 25. Reversing entries: A Are optional entries that are made after closing entries are made at the end of an accounting B Can only be used to reverse some, not all, of the adjusting entries. C. When done correctly can save time and avoid errors in the next accounting period. D All of the above answers are correct. PROBLEM II-Terminology Below are listed terms and phrases commonly used in accounting Match the terms with their descriptions by placing the letter designating the term by the appropriate description. A Balance sheet B. Adjusting entries C. Expenses D. Statement of cash flows E Post closing trial balance F. General ledger G- Credit H. General journal Debit 1. J. Closing entries K Prepayments L. Liabilities M. Retained earnings N. Journalize O. Post P. Special journals Q. Source documents R. Revenues S. Transaction analysis T. Deferred Revenues 1. Reports operating, investing, and financing activities. 2. Records internal transactions not previously reported. 3. Portrays financial position at a point in time. 4. Represents outflows of resources incurred to generate revenues. 5. The last step in the accounting processing cycle. 6. Refers to the right side of an account. 7. Asset and expense accounts normally have this type of balance 8. The place where any type of transaction can be recorded in chronological order. 9. Contains all the accounts of an entity. 10. Used to reset temporary accounts to a zero balance. 11. When cash flow precedes either expense or revenue recognition. 12. Transfer balances from journals to ledgers. 13. Recording chronologically the effects of transactions in debit/credit form. 14. Refers to nonowner claims against the assets of a company. 15. Represents the cumulative amount of net income, less distributions to shareholders. 16. Used to record repetitive types of transactions. 17. Refers to inflows of assets from the sale of goods and services. 18. Used to identify external transactions. 19. Liabilities created by a customer's prepayment. 20. Determines the effects of an event in terms of the accounting equation.
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Matching the terms with their descriptions 1 A Balance sheet Portrays financial position at a point ... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
Posted Date:
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