uiuc accy 201 exam 1 Questions And Answers

account - a summary of the effects of all the transactions related to a particular item over a period of time accounting - a system of maintaining records of a company's operations and communicating that information to decision makers accounting cycle - full set of procedures used to accomplish the measurement/communication process of financial accounting accrual basis accounting - record revenues when goods and services are provided to customers, and record expenses with related revenuess accrued expense - when a company has incurred an expense but hasn't yet paid cash or recorded an obligation to pay accrued revenue - when a company provides products or services to customers but hasn't yet received cash additional paid in capital (apic) - the portion of the cash proceeds above par value adjusted trial balance - a list of all accounts and their balances after we have updated account balances for adjusting entries assets - resources of a company authorized stock - the total number of shares available to sell, stated in the company's articles of incorporationbalance sheet - a financial statement that presents the financial position of a company on a particular date book value - an asset's original cost less accumulated depreciation cash basis accounting - record revenues at the time cash is received and expenses at the time cash is paid closing entries - entries that transfer he balances of all temporary accounts (revenues, expenses, dividends) to the balance of the retained earnings account