QBO Chapter 9 important terms

Question	Answer
Accounting Cycle	A series of accounting activities that a business performs each accounting period.
Chart of Accounts	A list of all accounts used to accumulate information about assets, liabilities, owners' equity, revenues, and expenses.
Transactions	During the accounting period, record transactions with customers, vendors, employees, and owners.
Trial Balance	A Trial balance is also referred to as an unadjusted Trial Balance because it is prepared before adjustments. A Trial Balance lists each account and the account balance at the end of the accounting period.
Adjustments	Adjustments are at the end of the accounting period before preparing financial statements, make any adjustments necessary to bring the accounts up to date.
Adjusted Trial Balance	Prepared after adjustments to verify that the accounting system still balances. If additional account detail is required, print the general ledger.
Financial Statements	Prepare financial statements for external users.

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	Created by Joel Johnson about 2 years ago