Adjusted trial balance - Study guides, Class notes & Summaries

APB OpinionsAnswer - The APB's official pronouncements issued from 1959 through 1973 which were intended to be based mainly on research studies and be supported by reasons and analysis. Accounting Principles Board (APB)Answer - An accounting rule-making board which provided official pronouncements, called APB Opinions, from 1959 through 1973. Accounting Research BulletinsAnswer - Pronouncements issued by CAP dealing with a variety of timely accounting problems during the years 1939 to ...

account - record of increases and decreases to a specific asset, liability, equity, revenue, or expense item accounts payable should always have what kind of balance? (debit/credit) - credit accrual basis of accounting - uses the revenue and expense recognition principles to match expenses with related revenues. *requires the use of the adjusting process* adjusted trial balance - trial balance prepared after adjustments are made adjusting process - adjustments to accounts are required at t...

Collects and processes transaction data and then disseminates the financial information to interested parties. - Accounting Information System Expenses incurred but not yet paid in cash or recorded. - Accrued Expenses The trial balance taken immediately after all adjustments have been posted. - Adjusted Trial Balance Entry made at the end of an accounting period to bring all accounts up to date on an accrual basis, so that the company can prepare correct financial statements. - Adjusting E...

Intuit Academy Bookkeeping Professional Certificate: Bookkeeping Tested Exam Questions Reviewed And Revised With Correct Answers Already Passed!! 1) General Journal - ANSWER organized chronologically A list of transactions 2) Posting to the Ledger - ANSWER transfer transactions entered in the journal to the general ledger and categorize transactions by account 3) Accounting Cycle - ANSWER a collective process of identifying, analyzing, and recording the ...

Collects and processes transaction data and then disseminates the financial information to interested parties. - Accounting Information System Expenses incurred but not yet paid in cash or recorded. - Accrued Expenses The trial balance taken immediately after all adjustments have been posted. - Adjusted Trial Balance Entry made at the end of an accounting period to bring all accounts up to date on an accrual basis, so that the company can prepare correct financial statements. - Adjusting E...

3 types of accounting - Tax, Managerial, and Financial A Means to an End - Terminology often used in accounting to refer to the fact that accounting aids in decision making. Account - A part of the accounting system used to classify and summarize the increases, decreases, and balances of each asset, liability, stockholders' equity item, dividend, revenue, and expense. The three-column account is normally used. It contains columns for debit, credit, and balance. Accounting Cycle - 1.Analyz...

Accounting 2401 Final Exam Study Guide ACCOUNTING 2401 FINAL EXAM STUDY GUIDE   Accounting 2401 Final Exam Study Guide Multiple Choice (2.5 points each) 1. During 2014, Parker Enterprises generated revenues of $90,000. The company’s expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000. Parker’s gross profit is a. $24,000. b. $27,000. c. $45,000. d. $90,000. 2. During 2014, Parker Ente...

company shows a balance in Salaries and Wages Payable of $50,000 at the end of the month. The next payroll amounting to $75,000 is to be paid in the following month. What will be the journal entry to record the payment of salaries? - Answer Debit Salaries and Wages Payable 50,000, Debit Salaries and Wages Expense 25,000; Credit Cash 75,000 Given the following adjusted trial balance: Cash $831 Accounts receivable 1,049 Inventory 1,562 Prepaid rent 43 Equipment 150 Accumulated depreciat...

Intermediate Accounting Exam #2 Questions and Answers (Graded A)Intermediate Accounting Exam #2 Questions and Answers (Graded A)Intermediate Accounting Exam #2 Questions and Answers (Graded A) Collects and processes transaction data and then disseminates the financial information to interested parties. - ANSWER-Accounting Information System Expenses incurred but not yet paid in cash or recorded. - ANSWER-Accrued Expenses The trial balance taken immediately after all adjustments have been ...

4 accounting assumptions - going-concern assumption, monetary unit assumption, time period assumption, business entity assumption 4 basic cost flow assumptions - specific identification, first-in first-out (FIFO), last-in first-out (LIFO), weighted average 4 general accounting principles - measurement principle, revenue recognition principle, expense recognition principle, full disclosure principle 4 general purposes of financial statements - income statements, statement of retained earnin...