Financial Statement Prep and Closing Entries Flashcards

1
Q

a category of related accounts organized primarily into assets, expenses, liabilities, equity, or revenue (income) classifications

A

Account Classification

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1
Q

a financial statement that marks a company’s financial situation at a moment in time, showing all assets, liabilities and owners’ equity.

A

Balance Sheet

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2
Q

a summary-level report used to convey the financial position and performance of an organization within a specific time period.

A

Financial Statement

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3
Q

a financial statement that summarizes and organizes the inflows and outflows of cash for an organization over a specific accounting period also know as a statement of cash flows

A

Cash Flow Statement

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4
Q

A financial statement that summarizes the total revenues and expenses of an organization, and the resulting profit or loss over a specific accounting period , also known as the profit loss statement

A

Income statement

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5
Q

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts

A

Closing Entries

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6
Q

A temporary owners equity account used to make slosing entries

A

Income Summary

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7
Q

Accounts that don’t get closed at the end of an accounting period, and where the cumulative balance of each account carries over from accounting period to accounting period

A

Permanent Accounts

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8
Q

Accounts that track activity over a single accounting period and get closed out to permanent accounts at the end of each accounting period

A

Temporary Accounts

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9
Q

a list of all permanent accounts that have a non zero balance, after all temporary account balances have been closed out to permanent accounts

A

Post Closing Trial Balance

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