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Chapter 9 Key Concepts

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1Accounting CycleA series of accounting activities that a business performs each accounting period. One month, one quarter, or one year.
2Chart of AccountsList of all accounts used to accumulate information about assets, liabilities, owners' equity, revenues, and expenses.
3TransactionsDuring the accounting period, record transactions with customers, vendors, employees, and owners
4Trial BalanceAlso an unadjusted trial balance because it is prepared before adjustments. Lists each account and the account balance at the end of the accoutning period
5AdjustmentsAny necessary adjustments are made at the end of the accounting period before preparing financial statements
6Adjusted Trial BalanceDone to verify that the accounting system still balances.
7Financial StatementsPrepares for external users. (Profit and Loss, Balance Sheet, and Statement of Cash Flows)
8Adjusting EntriesNecessary to bring accounts up to date at the end of an accounting period
9Prepaid ItemsItems that are payed in advance, prepaid insurance or prepaid rent
10Unearned ItemsItems a customer has paid for, but have not been provided with yet
11Accrued ExpensesIncurred expenses that have yet to be paid
12Accrued RevenuesEarned revenues that have not been collected or recorded