8/3/2019 End-Of-Course Study Sheet - Unit 2

1/3

Computerized Accounting I Name _____________________________End-of-Course Study Sheet Terms

Unit 2 Basic Accounting Cycle: Service Business

________________________________________1. A business activity that changes assets, liabilities, or owners equity.

________________________________________2. A business owned by one person.

________________________________________3. A business that performs an activity for a fee.

________________________________________4. A columnar accounting form used to summarize the general ledgerinformation needed to prepare financial statements.

________________________________________5. A financial statement showing the revenue and total expenses for afiscal period.

________________________________________6. A group of accounts.

________________________________________7. A journal entry made to correct an error in a ledger.

________________________________________8. A ledger that contains all accounts needed to prepare financialstatements.

________________________________________9. A planned process for providing financial information that will beuseful to management.

_______________________________________10. A proof of the equality of debits and credits in a general ledger.

_______________________________________11. A record summarizing all the information pertaining to a single itemin the accounting equation.

_______________________________________12. A trial balance prepared after the closing entries are posted.

_______________________________________13. Accounts used to accumulate information from one fiscal period tothe next.

_______________________________________14. Accounts used to accumulate information until it is transferred to theowner capital account.

_______________________________________15. An amount owed by a business.

_______________________________________16. An equation showing the relationship among assets, liabilities, andowners equity.

_______________________________________17. Anything of value that is owned.

_______________________________________18. Changes recorded on a work sheet to update general ledgeraccounts at the end of the fiscal period.

_______________________________________19. Financial rights to the assets of a business.

_______________________________________20. Journal entries recorded to update general ledger accounts at theend of a fiscal period.

8/3/2019 End-Of-Course Study Sheet - Unit 2

2/3

_______________________________________21. Journal entries used to prepare temporary accounts for a new fiscalperiod.

_______________________________________22. Organized summaries of a businesss financial activities.

_______________________________________23. Planning, recording, analyzing, and interpreting financial information

_______________________________________24. Procedure for arranging accounts in a general ledger, assigningaccount number and keeping records current

_______________________________________25. The account used to summarize the owners equity in a business.

_______________________________________26. The amount in an account.

_______________________________________27. The amount remaining after the value of all liabilities subtracted fromthe value of all assets.

_______________________________________28. The difference between total revenue and total expenses when totalrevenue is greater.

_______________________________________29. The difference between total revenue and total expenses when totalexpenses are greater.

_______________________________________30. The length of time for which a business summarizes and reportsfinancial information.

_______________________________________31. The name given to an account

_______________________________________32. The number assigned to an account

_______________________________________33. The series of accounting activities included in recording financialinformation for a fiscal period.

_______________________________________34. Transferring information from a journal entry to a ledger account.

_______________________________________35. Writing the account title and number on the heading of an account.

8/3/2019 End-Of-Course Study Sheet - Unit 2

3/3

Word Bank:

Accounting

Account

Account Balance

Account Number

Account title

Accounting Cycle

Accounting Equation

Accounting Records

Accounting System

Adjusting Entries

Adjustments

Assets

Capital

Closing Entries

Correcting Entry

Equities

File Maintenance

Fiscal Period

General Ledger

Income Statement

Ledger

Liabilities

Net Income

Net Loss

Opening an Account

Owners Equity

Permanent Accounts

Post-Closing Trial Balance

Posting

Proprietorship

Service Business

Temporary Accounts

Transaction

Trial Balance

Worksheet