Financial Statement Prep and Closing Entries

Question 1

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

Answer 1

Account Classification

Question 1

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

Answer 1

Balance Sheet

Question 2

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

Answer 2

Financial Statement

Question 3

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

Answer 3

Cash Flow Statement

Question 4

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

Answer 4

Income statement

Question 5

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

Answer 5

Closing Entries

Question 6

A temporary owners equity account used to make slosing entries

Answer 6

Income Summary

Question 7

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

Answer 7

Permanent Accounts

Question 8

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

Answer 8

Temporary Accounts

Question 9

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

Answer 9

Post Closing Trial Balance