Intermediate Accounting Exam #2 with 100% Correct Answers| Graded A+

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 Entry Shows the financial condition of the enterprise at the end of the period. - Balance Sheet The difference between any depreciable asset's cost and its related accumulated depreciation. - Book Value The formal process by which the enterprise reduces all nominal accounts to zero and determines and transfers the net income or net loss to an owner's equity account. - Closing Entries Reduces the balance of nominal (temporary) accounts to zero in order to prepare the accounts for the next period's transactions. - Closing ProcessOffsets an asset account on the balance sheet. - Contra Asset Account