General Accounting Exam 2 Flashcards

Front

Accounts that appear on the Income Statement

Back

Revenues and Expenses

Front

The financial statement prepared third

Back

Balance Sheet

Front

The process of transferring information from a journal to the general ledger

Back

Posting

Front

The account used only during the closing process

Back

Income Summary

Front

Adjustments made on the worksheet for unrecorded business transactions

Back

Adjustments or Adjusting Entries

Front

The first step of the accounting cycle

Back

Analyze transactions

Front

The first step of the closing process

Back

Close Revenue to Income Summary

Front

The financial statement prepared second

Back

Statement of Owner’s Equity

Front

The normal balance of the Income Summary account

Back

0 (it does not have one)

Front

The purpose of depreciation

Back

To allocate the cost of an asset to expense over the useful life