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BA110 Unit 4 Terminology Exam

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A balance sheet that lists assets on the left and liabilities and owner’s equity on the right Account form balance sheet
Journal entries made to update accounts for items that were not recorded during the accounting period Adjusting entries
That portion of an asset’s original cost that has not yet been depreciated Book value
Journal entries that transfer the results of operations (net income or net loss) to owner’s equity and reduce the revenue, expense, and drawing account balances to zero Closing entries
An account with a normal balance that is opposite that of a related account Contra account
An asset account with a credit balance, which is contrary to the normal balance of an asset account Contra asset account
Allocation of the cost of a long-term asset to operations during its expected useful life Depreciation
A special owner’s equity account that is used only in the closing process to summarize the results of operations Income Summary account
To understand and explain the meaning and importance of something (such as financial statements) Interpret
A statement that is prepared to prove the equality of total debits and credits after the closing process is completed Postclosing trial balance
Expense items acquired, recorded, and paid for in advance of their use Prepaid expenses
A balance sheet that lists the asset accounts first, followed by liabilities and owner’s equity Report form balance sheet
An estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life Salvage value
Allocation of an asset’s cost in equal amounts to each accounting period of the asset’s useful life Straight-line depreciation
A form used to gather all data needed at the end of an accounting period to prepare financial statements Worksheet

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