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10 Cards in this Set
- Front
- Back
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adequate disclosuter
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the GAAP of providing w/ financial statments any info that users need to interpret those statements properly
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after-closing trial balance
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a trial balance prepared after all closing entries have been made. Consists only of accounts for assets, liabilities and owner's equity
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closint entries
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journal entries made at the end of the period for the purpsoe fo closing temporary accounts (revenue, expense, and dividends accounts) and transferring balances to the Retained Earnings account
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current assets
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cash and other assets that can be converted into cash or used up within a relatively short period of time with out inverfering with normal business operations
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current liabilities
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existing obligations that are expected to be satisfied with a companies current assets with in a relatively short period of time
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general ledger osftware
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computer software used for recording transactions, maintaing journals and ledgers, and preparing financial statements. also includes spreadsheet capabilities for showing the effects of proposed adjusting entries or transactions on the financial statemtns w/o actually recodring these entreis in the accounting records
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income summary
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the summary account in the ledger to which revenue and expense accoutns are closed at the end of the period. the balance (credit bal for net income and debit for net loss) is transferred to the Retained Earnings account
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interim financial statements
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financial statements prepared for periods of less than one year (inclueds montly and quarterly statements)
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notes (accompanying financial statements)
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supplemental disclosures that accompany financial statements. these notes provide users with various types of information considered necessary for the proper interpretation of the statements
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worksheet
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a multicolumn schedule showing the relationshiops among the current account balances (a trial balance) proposed or actual adjusting entries or transactions, and the financial statements that would result if these adjusting entries or transactions were recorded. used both at the end of the accounting period as an aid to preparing financial statements and for planning purposes
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