Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
10 Cards in this Set
- Front
- Back
|
Steps in the Accounting Cycle
|
1. Prepare general journal2. Post entries from the general journal into the general ledger3. Unadjusted trial balance4. Prepare adjusting journal entries5.Prepare adjusted trial balance6. Prepare financial statements (in order)7. Prepare closing entries8. Post closing trial balance
|
|
|
All transactions are recorded in the
|
general journal
|
|
|
All entries from the general journal are posted into
|
general ledger
|
|
|
How many trial balances should you do
|
3
|
|
|
Order of financial statements
|
1. Income Statement2. Statement of Shareholder's Equity3. Balance Sheet4. Statement of Cash Flows
|
|
|
Interest expense is ____ cash flow
|
operating
|
|
|
Closing entries are for
|
revenues and expenses
|
|
|
Assets increase with a
|
debit
|
|
|
Assets decrease with a
|
credit
|
|
|
Liabilities increase with a
|
credit
|
