Acct cycle: adjusting and closing

Question 1

Journalizing adjusting entires and prepare and adjusted trial balance

Answer 1

Adjust

Question 2

Entries made at the conclusion of a fiscal period to bring accounts up to date

Answer 2

Adjusting entires

Question 3

Something has been paid in advanced and used up without a journal entry taking place
-Prepaid expenses
-Unearned the revenue
-Supplies
-Depreciation

Answer 3

Deferrals

Question 4

Something has not been paid for and is being accrued
-Accrued expenses
-Accrued revenue

Answer 4

Accruals

Question 5

Journalizing closing entries and preparing post-closing trial balance
-Every kind of account can be classified as either permanent of temporary

Answer 5

Close

Question 6

Accounts that accumulate info across accounting periods
-All accounts reported on the balance sheet

Answer 6

Permanent

Question 7

Accounts utilize to accumulate income, expenses, and dividends for drawing for one accounting period only

Answer 7

Temporary