Flashcards
QBO Chapter 9 important terms
Cards in this deck (7)
- 1Accounting CycleA series of accounting activities that a business performs each accounting period.
- 2Chart of AccountsA list 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 BalanceA Trial balance is also referred to as an unadjusted Trial Balance because it is prepared before adjustments. A Trial Balance lists each account and the account balance at the end of the accounting period.
- 5AdjustmentsAdjustments are at the end of the accounting period before preparing financial statements, make any adjustments necessary to bring the accounts up to date.
- 6Adjusted Trial BalancePrepared after adjustments to verify that the accounting system still balances. If additional account detail is required, print the general ledger.
- 7Financial StatementsPrepare financial statements for external users.