100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
D102 Financial Accounting Final OA Review Module 7 $8.49   Add to cart

Exam (elaborations)

D102 Financial Accounting Final OA Review Module 7

 12 views  0 purchase
  • Course
  • D102 Financial Accounting
  • Institution
  • D102 Financial Accounting

D102 Financial Accounting Final OA Review Module 7

Preview 1 out of 4  pages

  • October 9, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • D102 Financial Accounting
  • D102 Financial Accounting
avatar-seller
Nursephil2023
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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Nursephil2023. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $8.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

84866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$8.49
  • (0)
  Add to cart