Accounting!

Trail balance – A proof of the equality of debts and credits in a general ledger
Bank Statement Reconciliation. – The process by which the depositor verifies agreement between his checkbook balance and the bank statement balance.
Temporary Account – An account whose balance is transferred to another account at the end of an accounting period.
INCOME SUMMARY – A TEMPORARY "HOLDING TANK" ACCOUNT INTO WHICH REVENUES AND EXPENSES ARE TRANSFERRED PRIOR TO THEIR FINAL TRANSFER TO THE RETAINED EARNINGS ACCOUNT
service business – a business that preforms an activity for a fee.
capital expenditures – increased the expected useful life or productivity of the asset (longer period of time)
Shown phase of mitosis is: _______________
Why do accountants use a worksheet ? – To prepare financial statements
Operating Statement- Profit and Loss statement- Earning Statement – Income statement is a.k.a (3)
acconting equations – equation showing the relationship among assets, liabilities, and
owner's equity
Shоwn phаse оf mitоsis is: _______________
Credit memoradum – A form prepared by the vendor showing the amountdeducted for returns and allowances is called a credit memordaum

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