| Questions | Answers |
|---|---|
| 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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