ACCY 201 TEST 1 BURNEY EXAM SCRIPT FINAL PAPER QUESTIONS ANSWERS COMPREHENSIVE STUDY RESOURCE

ACCY 201 TEST 1 BURNEY EXAM SCRIPT
FINAL PAPER QUESTIONS ANSWERS
COMPREHENSIVE STUDY RESOURCE

●● permanent accounts
Answer: - related to one or more future accounting periods
- not closed each period and carry their ending balance into future
periods


●● Closing entries
Answer: transfer the end-of-period balances in revenue, expense, and
dividends accounts to the permanent Retained Earnings account


●● REID
Answer: accounts that get closed:
Revenue
Expenses
Income Summary
Dividends


●● 1. Analyze transactions
2. Journalize

, 3. Post
4. Prepare unadjusted trial balance
5. adjust and post accounts
6. prepare adjusted trial balance
7. prepare financial statements
8. close accounts
9. Prepare post-closing trial balance
Answer: 9 steps in the accounting cycle


●● merchandiser
Answer: earns net income by buying and selling merchandise


●● merchandise
Answer: refers to products that a company buys to resell


●● wholesaler
Answer: buy products from manufacturers and sells to retailers


●● retailer
Answer: buys products from a manufacturer or wholesaler and sells to
consumer