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D102 Financial Accounting Final OA Review Module 7
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D102 Financial Accounting Final OA Review Module 7

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  • October 9, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • d102 financial accounting final oa review module 7

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  • D102 Financial Accounting
  • D102 Financial Accounting

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D102 Financial Accounting Final
OA Review Module 7
real accounts - -These are reported in the balance sheet: Assets, Liabilities,
and Owners' Equity (Paid-in Capital and Retained Earnings). Permanent
Accounts

- nominal accounts - -Temporary subcategories of Retained Earnings that
are maintained throughout the year and are then closed to Retained
Earnings at the end of each year. These accounts are Revenues, Expenses,
and Dividends.

- Real Accounts - -Accounts that are not closed to a zero balance at the end
of each accounting period; permanent accounts appearing on the balance
sheet

- Nominal Accounts - -Accounts that are closed to a zero balance at the end
of each accounting period; temporary accounts generally appearing on the
income statement

- Revenues
Expense
Dividends - -What are the 3 temporary accounts?

- Transfer the amounts to permanent home (Retained Earnings)
Reset the balances to 0 (zero) for a new year - -At the end of the year two
things need to happen with respect to the nominal accounts:

- closing entries - -In addition, the _______ transfer the net income or loss for
the accounting period to Retained Earnings and reduce Retained Earnings for
any dividends.

- net income or net loss - -The difference between total revenues and total
expenses represents the ____________ of the entity.

- Retained Earnings - -For a corporation, net income is credited to
_____________ because income increases owners' equity. A net loss would be
debited to Retained Earnings because a loss decreases owners' equity.

- closing entries - -Entries that reduce all nominal (temporary) accounts to a
zero balance at the end of each accounting period, transferring their
preclosing balances to a permanent balance sheet account

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