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Accounting Cycle Flashcards | StudBud
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Accounting Cycle
Accounting Cycle
12 terms
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StudBud Administration
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385 plays
Accounting (Morning and Sunday Classes)
Flashcards
12 cards
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Questions
12
Answers
1
Monies (money) owed to others for goods and services received but not yet paid for.
Ledger accounts
Revenue debit
Accounts payable
Cash basis
2
The first entry of a transaction into any accounting system.
Journal entry
Bookkeeping
Recording
Retained Earning
3
A summary of all transactions that a business conducts.
General Ledger
Current liability
Journalizing
Cdjusting entries
4
What types of reports are created during the accounting cycle for the use of management?
None of the answers are correct.
General journal
General ledger
Financial statements
5
In a double-entry accounting system, the value recorded on the left.
Posting
Credit
Debit
Asset
6
assets that are available for sale
Inventory
Income
Owner's equity
Liability
7
Decrease in an income account
Liability credit
Adjusted Trial Balance
Fixed Assets
Income debit
8
Retained Earnings
Owner's Equity
Expense
Liabilities
Asset
9
The recognized value of an intangible asset that has been purchased, such as branding.
Balance Sheet
Expense
Trial Balance
Goodwill
10
What's the final step of the accounting cycle?
Adjustments
Post-closing trial balance
Preparation of financial statement
Closing accounts
11
Cash and other assets that can be converted to cash within one year.
Current Asset
expense debit
Revenue credit
Capital
12
What's the first step in the accounting cycle?
Financialstatements are prepared.
Transactionsare posted to the ledger.
Apost-closing trial balance is prepared.
Transactionsare analyzed and recorded in the journal.
