Time-period Concept
Give this one a try later!
Assumes that a business's activities can be sliced into small time segments
and that financial statements can be prepared for specific periods, such as
a month, quarter, or year
Chart of Accounts
Give this one a try later!
A list of a company's accounts
, Temporary Accounts
Give this one a try later!
Revenue, expense, and dividend accounts whose balances a company
transfers to Retained Earnings at the end of an accounting period
RETAINED EARNINGS IS NOT INCLUDED, BUT WHAT IS INCLUDED IS
TRANSFERRED TO THE RETAINED EARNINGS
Accrual Accounting
Give this one a try later!
Accounting method that records revenues and expenses when they occur,
not necessarily when cash actually changes hands
Permanent Accounts
Give this one a try later!
All accounts that appear in the balance sheet; account balances are
carried forward from period to period
Cash, receivables, equipment, payables, common stock, and retained
earnings
Quick (Acid Test) Ratio
Give this one a try later!
Give this one a try later!
Assumes that a business's activities can be sliced into small time segments
and that financial statements can be prepared for specific periods, such as
a month, quarter, or year
Chart of Accounts
Give this one a try later!
A list of a company's accounts
, Temporary Accounts
Give this one a try later!
Revenue, expense, and dividend accounts whose balances a company
transfers to Retained Earnings at the end of an accounting period
RETAINED EARNINGS IS NOT INCLUDED, BUT WHAT IS INCLUDED IS
TRANSFERRED TO THE RETAINED EARNINGS
Accrual Accounting
Give this one a try later!
Accounting method that records revenues and expenses when they occur,
not necessarily when cash actually changes hands
Permanent Accounts
Give this one a try later!
All accounts that appear in the balance sheet; account balances are
carried forward from period to period
Cash, receivables, equipment, payables, common stock, and retained
earnings
Quick (Acid Test) Ratio
Give this one a try later!
