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Completing the Accounting Cycle

Professor Leticia Togba, CPA
Central Texas College
ACCT 2301 - Principles of Accounting, Ch. 4
Across
Current liabilities are ___________ that a company expects to pay within its operating cycle or one year, whichever is longer.
The right side of the ledger or T-Account.
Current _____ are ______ that a company expects to convert into cash or use up within its operating cycle or one year, whichever is longer.
The ____________ Trial Balance is a list of all the permanent accounts and their balances after a company has journalized and posted closing entries.
The ______ Summary account is a temporary account used in closing the revenue and expense accounts.
Transferring the final totals of each account to the _________ is Step #6 of the Recording Process.
Long-term __________ are (1) stocks and bonds of other companies held for many years, (2) long-term assets (i.e. land, buildings) that are not being used in operating activities, and (3) long-term note receivables.
Determining your ______ and _______ is Step #3 of the Recording Process.
Analyzing how a transaction affects the ________ equation is Step #2 of the Recording Process.
Debiting a Dividends, Expense, or Asset account will _______ its balance.
The left side of the ledger or T-Account.
__________ assets are long-lived non-physical assets (i.e. copyrights, trademarks, brands/logos).
________ or real accounts do not close at the end of an accounting period, include ALL Balance Sheet accounts, and their balances are carried forward each month/year.
_______ entries are made at the end of an accounting period to transfer the balances of temporary accounts into Retained Earnings (a permanent stockholder's account).
The _______ Journal is considered the original book of entry and the business' diary because it records all of its transactions in chronological order.
The _________ cycle is the average time it takes to purchase inventory, sell it on account, and collect cash from customers.
Down
Crediting a __________, Retained Earnings, Revenues, or Liabilities account will increase its balance.
Posting the transaction in the General Ledger (aka the ________) is Step #5 of the Recording Process.
Long-term _________ are obligations that a company expects to pay AFTER one year or longer.
Correcting _______ are necessary to correct errors that were made during the recording process.
_______ transactions into the General Journal is Step #4 of the Recording Process.
The ______ of the Trial Balance is to (1) prove that mathematically debits = credits, (2) uncover errors in journalizing and posting, and (3) organize the accounts in preparation for creating the Financial Statements.
Beginning Balance + Total Additions = Subtotal - Total Subtractions = Equals Your Total
A __________ balance sheet contains standard classifications or sections.
_________ analysis is Step #1 of the Recording Process.
The _________ Process are the preliminary steps to preparing the Financial Statements.
The ability for a company to pay its obligations that are due within a year or less.
Temporary or nominal accounts are ______ at the end of every accounting period and consist of ALL Income Statement and Dividends accounts.