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16 Cards in this Set
- Front
- Back
- 3rd side (hint)
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identify the transaction
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Identify the event as a transaction adn generate the source document.
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Accounting Cycle
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analyze the transaction
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determine the transaction amount, which accounts are affected, and in which direction.
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Accounting Cycle
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Journal Entries
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The transaction is recorded in
the journal as a debit and a credit. |
Accounting Cycle
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Post to Ledger
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The journal entries are transferred
to the appropriate T-accounts in the ledger. |
Accounting Cycle
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Trial Balance
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A trial balance is calculated
to verify that the sum of the debits is equal to the sum of the credits. |
Accounting Cycle
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Adjusting Entries
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Adjusting entries are made for
accrued and deferred items. The entries are journalized and posted to the T-accounts in the ledger. |
Accounting Cycle
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Adjusted
Trial Balance |
A new trial balance is calculated
after making the adjusting entries. |
Accounting Cycle
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Financial Statements
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The financial statements
are prepared. |
Accounting Cycle
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Closing Entries
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Transfer the balances of the
temporary accounts (e.g. revenues and expenses) to owner's equity. |
Accounting Cycle
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After-Closing
Trial Balance |
A final trial balance is
calculated after the closing entries are made. |
Accounting Cycle
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RAM-
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A memory device in which information can be accessed in any order
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LAN-
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A system that links together electronic office equipment, such as computers and word processors, and forms a network within an office or building
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Local Area Network
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URL
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consisting of the access protocol (http), the domain name (www.CSETsecrets.com), and optionally the path to a
file or resource residing on that server (bonuses). |
(uniform resource locator)
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HTTP-
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A protocol used to request and transmit files, especially webpages and
webpage components, over the Internet or other computer network |
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Macro-
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A single, user-defined command that is part of an application and
executes a series of commands |
Processing Information
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ROM-
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Memory hardware that allows fast access to permanently stored data but prevents addition to or modification of the data
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