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Acc 201 Chapter 4 final exam

Acc 201 Chapter 4 final exam - Accrued Revenues Previously...

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Chapter 4 : Trial Balance (Balance Sheet) Know what’s in it Definitions Contra-Account: An account that is an offset to, or reduction of, the primary account. Permanent (Real) Accounts: The balance sheet accounts that carry their ending balances into the next accounting period Temporary (Nominal) Accounts: Income statement (and sometimes dividends declared) accounts that are closed to Retained Earnings at the end of the accounting period. Ex: Balance for Doubtful Accounts, Treasury stock Accrued Expenses: Previously unrecorded expenses need to be adjusted at the end of the accounting period to reflect the amount incurred and its related payable account.
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Unformatted text preview: Accrued Revenues: Previously unrecorded revenues that need to be adjusted at the end of the accounting period to reflect the amount earned and its related receivable account. Deferred Expenses: Previously acquired assets that need to be adjusted at the end of the accounting period to reflect the amount of expense incurred in using the asset to generate revenue. Deferred Revenues: Previously recorded liabilities that need to be adjusted at the end of the period to reflect the amount of revenue earned. Net Profit Margin Net Profit Margin = Net Income / Net sales Chapter 5:...
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