Acctg211(Sp11-Wc) - Chapter 03

Front 1

Revenue, expense, and dividend accounts; balances brought to zero in the closing process

Back 1

Temporary Accounts

Front 2

Right side of an account

Back 2

Credit

Front 3

The process of "zeroing" out the temporary revenue, expense, and dividend accounts to prepare the accounting records for the next accounting period

Back 3

Closing the Accounts

Front 4

List of all accounts with respective debit or credit balances

Back 4

Trial Balance

Front 5

List of accounts with respective debit or credit balances prepared after adjustments have been made; can be used to prepare financial statements

Back 5

Adjusted Trial Balance

Front 6

Left side of an account

Back 6

Debit

Front 7

List of accounts with respective debit or credit balances prepared after temporary accounts have been closed; only balance sheet accounts appear on a post-closing trial balance

Back 7

Post-Closing Trial Balance

Front 8

The book of original record; business transactions are first recorded here in chronological order and later posted to the general ledger

Back 8

Journal

Front 9

Accounts that are never closed; balance sheet accounts e.g., assets; liabilities; stockholders' equity

Back 9

Permanent Accounts

Front 10

The process of recording transactions, producing the financial statements, and preparing the accounting records for the net accounting period

Back 10

Accounting Cycle

Front 11

An accountant's traditional way of keeping track of a company's financial transactions and preparing the financial statements; debits and credit in this system provide a simple means to track financial transactions

Back 11

General Ledger System