Accounting Concepts and Adjustments

Front

Recorded to update the general ledger accounts

Back

adjusting entries

Front

A process businesses use to track their financial transactions. Ex: adjustments, preparing financial reports, recording transactions.

Back

accounting Cycle

Front

Changes made to financial records at the end of a period to make sure everything is accurate

Back

adjustments

Front

shows a company's assets, liabilities, and equity at a specific point in time

Back

balance sheet

Front

Transfers the balances of temporary accounts to permanent accounts at the end of an accounting period

Back

Closing entries

Front

a company's accounting period used for financial reporting

Back

fiscal period

Front

shows company's revenues and expenses over a period of time, resulting in net income or net loss

Back

Income statement

Front

company's profit after deducting all expenses from its revenue

Back

net income

Front

result when a companys expenses exceed its revenue during a specific period

Back

net loss

Front

show the financial position of a business at a specific point in time

Back

permanent accounts