Accounting Cycle: Recuuring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trial balance. Classified balance sheet: balance sheet that presents assets and liabilities in relevant subgroups. Including current and noncurrent classifications. Closing entries: Entries recorded at the end of each accounting period to transfer end-of-period balances in revenue, gain, expense, loss, and withdrawal (dividend for a corporation) acocunts to the capital account (to retained earnings for a corporation). Closing process : Necessary end-of-period steps to prepare the accounts for recording the transactions of the next period. Current assets: Cash and other assets expected to be sold, collected, or used within one year or the company’s operating cycle, whichever is longer. Current liabilities: Obligations due to be paid or settled within one year or the company’s operating cycle, whichever is longer. Income summary
This is the end of the preview. Sign up
access the rest of the document.
This note was uploaded on 06/07/2011 for the course ACC 201 taught by Professor Tyler during the Spring '09 term at Guilford Tech.