Accounting Cycle

 

 

Instructions

Hover over the missing word with your mouse to show the correct fill in the blank answer.


1. All income statement ——— are closed to the income summary account at year end.

________________________
temporary accounts

2. The balance sheet consists of ——— that are not closed at year end.

________________________

3. The ——— is used as a holding account for income statement accounts before being closed to retained earnings.

________________________
income summary account

4. Many companies use ——— to cancel out adjusting entries made in prior periods.

________________________
reversing entries

5. Adjusting journal entries are not used to record ——— expenses or unearned revenues.

________________________
prepaid

6. After the financial statements are prepared, the ——— can be prepared to summarize the year end closing process.

________________________
accounting worksheet

7. Once adjusting entries are made, the ——— is created before financial statements are prepared.

________________________
adjusted trial balance

8. After closing entries have been made, the ——— trial balance can be prepared.

________________________
post closing

9. The ——— is generally the third financial statement prepared in the accounting cycle.

________________________
balance sheet

10. The ——— is prepared by calculating changes in both income statement and balance sheet account balances.

________________________
cash flow statement


of the accounting cycle with these quizzes.