Accounting Exam 1 - ACCT 201 - Louisiana Tech University.pdf file:///C:/Users/HP/Desktop/pppppp/Accounting%20Exam%201%2
Accounting Exam 1 - ACCT 201 - Louisiana Tech
University
1. Account Balance
ANS Difference between total debits and total credits (including thebeginning balance) for an
account.
2. Accounting
ANS comprehensive system for collecting, analyzing, and communicat-ing financial
information
3. Accounting Cycle
ANS for a given time period, the cycle of recording accountingdata, adjusting the accounts,
preparing the financial statements, and closing thetemporary accounts; when one accounting
cycle ends a new one begins
4. Accounting Event
ANS Economic occurrence that changes a company's assets,liabilities, or equity
5. Accounting Period
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,Accounting Exam 1 - ACCT 201 - Louisiana Tech University.pdf file:///C:/Users/HP/Desktop/pppppp/Accounting%20Exam%201%2
ANS Time span covered by the financial statements; normallyone year, but may be a quarter,
month or some other time interval
6. Accrual
ANS Accounting recognition of revenue or expense in a period before cashis exchanged
7. Accrual Accounting
ANS Accounting system which recognizes revenues when earned and expenses when
incurred regardless of when the related cash is ex-changed
8. Adverse Opinion
ANS Opinion issued by a certified public accountant that meansone or more departures from
GAAP in a company's financial statements are so very material the auditors believe the
financial statements do not fairly representthe company's status
9. Adjusting Entry
ANS Entry that updates account balances prior to preparing financialstatements; a bookkeeping
tool. Adjusting entries never affect the Cash account
10. Allocations
ANS Recognizing expenses by systematically assigning the cost of anasset to periods of use
11. American Institute of CPA's
ANS National association that serves the education and professional interests of member of the
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2 of 12 8/28/2024, 3:18
Accounting Exam 1 - ACCT 201 - Louisiana Tech
University
1. Account Balance
ANS Difference between total debits and total credits (including thebeginning balance) for an
account.
2. Accounting
ANS comprehensive system for collecting, analyzing, and communicat-ing financial
information
3. Accounting Cycle
ANS for a given time period, the cycle of recording accountingdata, adjusting the accounts,
preparing the financial statements, and closing thetemporary accounts; when one accounting
cycle ends a new one begins
4. Accounting Event
ANS Economic occurrence that changes a company's assets,liabilities, or equity
5. Accounting Period
1/4
1 of 12 8/28/2024, 3:18
,Accounting Exam 1 - ACCT 201 - Louisiana Tech University.pdf file:///C:/Users/HP/Desktop/pppppp/Accounting%20Exam%201%2
ANS Time span covered by the financial statements; normallyone year, but may be a quarter,
month or some other time interval
6. Accrual
ANS Accounting recognition of revenue or expense in a period before cashis exchanged
7. Accrual Accounting
ANS Accounting system which recognizes revenues when earned and expenses when
incurred regardless of when the related cash is ex-changed
8. Adverse Opinion
ANS Opinion issued by a certified public accountant that meansone or more departures from
GAAP in a company's financial statements are so very material the auditors believe the
financial statements do not fairly representthe company's status
9. Adjusting Entry
ANS Entry that updates account balances prior to preparing financialstatements; a bookkeeping
tool. Adjusting entries never affect the Cash account
10. Allocations
ANS Recognizing expenses by systematically assigning the cost of anasset to periods of use
11. American Institute of CPA's
ANS National association that serves the education and professional interests of member of the
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