MGMT 1A - Principles of
Accounting - Chapter 3 -
Adjusting Accounts for
Financial Statements fully
solved & updated
Accounting Cycle - answer The steps in preparing financial
statements
Analyze transactions
Journalize
Post
Prepare unadjusted trial balance
Adjust and post accounts
Prepare adjusted trial balance
Prepare financial statements
Close accounts
Prepare post-closing trial balance
Reverse and post
Accounting Period - answer The time period reference with which
accounting information is presented.
Accrual Basis Accounting - answer Records revenues when services
and products are delivered and records expenses when incurred
(matched with revenues).
, Accrued Expenses - answer Costs that are incurred in a period that
are both unpaid and unrecorded, reported on the income statement
for the period when incurred.
Accrued Revenues - answer Revenues earned in a period that are
both unrecorded and not yet received in cash (or other assets).
Accumulated Depreciation - answer A separate contra account.
Adjusted Trial Balance - answer A list of accounts and balances after
adjusting entries have been recorded and posted to the ledger.
Adjusting Entry - answer Made at the end of an accounting period to
reflect a transaction or event that is not yet recorded.
Annual Financial Statements - answer Reports covering a one-year
period.
Book Value - answer The asset's costs minus its accumulated
depreciation, or net amount.
Cash Basis Accounting - answer Records revenues when cash is
received and records expenses when cash is paid, cash basis income
is cash receipts minus cash payments.
Classified Balance Sheet - answer Organizes assets and liabilities
into subgroups.
Closing Entries - answer Transfer the end-of-period balances in
revenue, expense, and dividends accounts to the permanent
retained earnings account.
Accounting - Chapter 3 -
Adjusting Accounts for
Financial Statements fully
solved & updated
Accounting Cycle - answer The steps in preparing financial
statements
Analyze transactions
Journalize
Post
Prepare unadjusted trial balance
Adjust and post accounts
Prepare adjusted trial balance
Prepare financial statements
Close accounts
Prepare post-closing trial balance
Reverse and post
Accounting Period - answer The time period reference with which
accounting information is presented.
Accrual Basis Accounting - answer Records revenues when services
and products are delivered and records expenses when incurred
(matched with revenues).
, Accrued Expenses - answer Costs that are incurred in a period that
are both unpaid and unrecorded, reported on the income statement
for the period when incurred.
Accrued Revenues - answer Revenues earned in a period that are
both unrecorded and not yet received in cash (or other assets).
Accumulated Depreciation - answer A separate contra account.
Adjusted Trial Balance - answer A list of accounts and balances after
adjusting entries have been recorded and posted to the ledger.
Adjusting Entry - answer Made at the end of an accounting period to
reflect a transaction or event that is not yet recorded.
Annual Financial Statements - answer Reports covering a one-year
period.
Book Value - answer The asset's costs minus its accumulated
depreciation, or net amount.
Cash Basis Accounting - answer Records revenues when cash is
received and records expenses when cash is paid, cash basis income
is cash receipts minus cash payments.
Classified Balance Sheet - answer Organizes assets and liabilities
into subgroups.
Closing Entries - answer Transfer the end-of-period balances in
revenue, expense, and dividends accounts to the permanent
retained earnings account.
