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9 Terms
1
Analyze Transactions
The process of examining and identifying all financial transactions that have occurred during a specific period.
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2
Record Transactions
The act of documenting financial transactions in a journal or ledger with details such as date, accounts involved, and amount.
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3
Post Transactions
Transferring recorded transactions from the journal to the general ledger, which consolidates all financial transactions and account balances.
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4
Trial Balance
A report generated at the end of an accounting period to ensure that the total debits and credits in the ledger are equal.
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5
Adjust Entries
Changes made to ensure that accounts accurately reflect the financial position, including entries for accrued expenses and depreciation.
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6
Adjusted Trial Balance
A new trial balance created after adjusting entries are made to confirm all accounts are properly adjusted.
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7
Financial Statements
Reports prepared using information from the ledger and adjusted trial balance, including the income statement, balance sheet, and statement of cash flows.
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8
Closing Entries
Entries made at the end of the period to reset the balances of temporary accounts to zero, including revenue, expenses, and dividends.
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9
Post Closing Trial Balance
A final trial balance created after making closing entries to ensure all accounts are properly balanced.
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