Analyze transactions, journalize, post, trail balence What is the normal balance of dividends declared? what type of accounts are numbered 7000 to 9999 Credit what are the first 4 steps of the accounting cycle?

what are the first 4 steps of the accounting cycle?

Revenues - expenses - dividends declared Ledger What is the normal balance of revenues? what type of accounts are numbered 7000 to 9999 how do you calculate retained earnings?

how do you calculate retained earnings?

The accounting equation what type of accounts are numbered 3000 to 3999 what type of accounts are numbered 1000 to 2999 What basic tool do we use when analyzing transactions? What is the normal balance of common shares?

What basic tool do we use when analyzing transactions?

Beggining balance what type of accounts are numbered 4000 to 4999 What column is added to retained earnings at the beginning of an accounting period? posting accounting transaction

What column is added to retained earnings at the beginning of an accounting period?

Title of account, debit side, credit side Which items of the extended accounting equation are reported in the statement of financial position? What are the three elements of a T account? On which side would a decrease in an asset be recorded? What is the normal balance of expenses?

What are the three elements of a T account?

MOS1023 chapter 4

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Accounting - Financial Accounting

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Cards in this deck(43)

The system used to collect and process transaction data and communicate financial information to decision makers

A series of nine steps used to account for, and report, transactions

Analyze transactions, journalize, post, trail balence

An economic event that is recorded in the financial statements because it involves an exchange that affects assets, liabilities, and/or shareholders' equity

Revenues - expenses - dividends declared

for its effect on the three primary components of the accounting equation (assets, liabilities, and shareholders' equity), as well as the specific effects within shareholders' equity items (revenues, expenses, and dividends)

The accounting equation

Beggining balance

an individual accounting record of increases and decreases in a specific asset, liability, or shareholders' equity item along with its opening and ending balances

Title of account, debit side, credit side

Genereal ledger account

A collection of all accounts maintained by a company

Left side of a ledger account

Right side of a ledger account

indicates what side of the T we would normally find an accountant's ending balance

Debit

credit

Credit

credit

Debit

the dual (two-sided) effect of each transaction is recorded in appropriate accounts

Revenues and expenses which together determine net income

share capital and retained earnings

Assets, Liabilities and shareholders equity

the most basic form of journal where transactions are recorded

A date, account names, a double entry (credit and debit) and a breif explination

General ledger

contains all the asset, liability, shareholders' equity, dividends declared, revenue, and expense accounts

In the same order as the statement of financial position

the framework for the accounting information system. It lists the accounts and the account numbers that identify where the accounts are in the ledger

asset

liability

Shareholders equity

revenue

expense

The procedure of transferring journal entries from the general journal to the general ledger accounts

A list of general ledger accounts and their balances at a specific time

uncover errors from our journalizing and posting process

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MOS1023 chapter 4

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