FAR - ACCOUNTING PROCESS

SOURCE: Unknown Author

 FAR - ACCOUNTING PROCESS

101001 - THERE ARE __________ BASIC STEPS IN THE ACCOUNTING CYCLE, WHICH INCLUDES 2 PHASES
KNOWN AS __________ AND __________.
 FAR - ACCOUNTING PROCESS

101001 - THERE ARE __________ BASIC STEPS IN THE ACCOUNTING CYCLE, WHICH INCLUDES 2 PHASES
KNOWN AS __________ AND __________.

10; RECORDING; SUMMARIZING

 FAR - ACCOUNTING PROCESS

101002 - STEPS IN THE SUMMARIZING PHASE OF ACCOUNTING CYCLE (7 ITEMS)

 FAR - ACCOUNTING PROCESS

101002 - STEPS IN THE SUMMARIZING PHASE OF ACCOUNTING CYCLE (7 ITEMS)

1. ANALYZING THE TRANSACTION

2. JOURNALIZING
3. POSTING
4. UNADJUSTED TRIAL BALANCE
5. ADJUSTING ENTRIES
6. ADJUSTED TRIAL BALANCE
7. FINANCIAL STATEMENTS
8. CLOSING ENTRIES
9. POST-CLOSING TRIAL BALANCE
10. REVERSING ENTRIES
 FAR - ACCOUNTING PROCESS

101003 - THIS IS WHERE THE ACCOUNTANT GATHERS INFORMATION FROM SOURCE DOCUMENTS AND
DETERMINES THE IMPACT OF THE TRANSACTION ON THE FINANCIAL POSITION.
 FAR - ACCOUNTING PROCESS

101003 - THIS IS WHERE THE ACCOUNTANT GATHERS INFORMATION FROM SOURCE DOCUMENTS AND
DETERMINES THE IMPACT OF THE TRANSACTION ON THE FINANCIAL POSITION.

ANALYZING THE TRANSACTION

 FAR - ACCOUNTING PROCESS

101004 - THIS IS THE PROCESS OF RECORDING THE TRANSACTIONS IN THE APPROPRIATE JOURNALS.
 FAR - ACCOUNTING PROCESS

101004 - THIS IS THE PROCESS OF RECORDING THE TRANSACTIONS IN THE APPROPRIATE JOURNALS.

JOURNALIZING
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101005 - IS A CHRONOLOGICAL RECORD OF TRANSACTIONS ALSO KNOWN AS THE BOOK OF ORIGINAL ENTRY.
 FAR - ACCOUNTING PROCESS

101005 - IS A CHRONOLOGICAL RECORD OF TRANSACTIONS ALSO KNOWN AS THE BOOK OF ORIGINAL ENTRY.

JOURNAL
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101006 - IS A JOURNAL WHERE ALL TRANSACTIONS COULD BE RECORDED.

 FAR - ACCOUNTING PROCESS

101006 - IS A JOURNAL WHERE ALL TRANSACTIONS COULD BE RECORDED.

GENERAL JOURNAL
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101007 - ARE JOURNALS USED IN RECORDING LARGE NUMBERS OF LIKE TRANSACTIONS.

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101007 - ARE JOURNALS USED IN RECORDING LARGE NUMBERS OF LIKE TRANSACTIONS.

SPECIAL JOURNALS
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101008 - USUAL EXAMPLES OF SPECIAL JOURNALS (4 ITEMS)

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101008 - USUAL EXAMPLES OF SPECIAL JOURNALS (4 ITEMS)

1. SALES JOURNAL
2. CASH RECEIPTS JOURNAL
3. PURCHASES JOURNAL
4. CASH DISBURSEMENTS JOURNAL
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101009 - IS A SPECIAL JOURNAL WHERE ONLY SALES OF MERCHANDISE ON ACCOUNT ARE RECORDED.
 FAR - ACCOUNTING PROCESS

101009 - IS A SPECIAL JOURNAL WHERE ONLY SALES OF MERCHANDISE ON ACCOUNT ARE RECORDED.

SALES JOURNAL
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101010 - IS A SPECIAL JOURNAL WHERE ALL TYPES OF CASH RECEIPTS ARE RECORDED.
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101010 - IS A SPECIAL JOURNAL WHERE ALL TYPES OF CASH RECEIPTS ARE RECORDED.

CASH RECEIPTS JOURNAL

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101011 - IS A SPECIAL JOURNAL USED TO RECORD ALL PURCHASES ON ACCOUNT OF MERCHANDISE,

EQUIPMENT, SUPPLIES, ETC.
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101011 - IS A SPECIAL JOURNAL USED TO RECORD ALL PURCHASES ON ACCOUNT OF MERCHANDISE,

EQUIPMENT, SUPPLIES, ETC.

PURCHASES JOURNAL
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101012 - IS A SPECIAL JOURNAL WHERE ALL PAYMENTS OF CASH FOR ANY PURPOSE ARE RECORDED.
 FAR - ACCOUNTING PROCESS

101012 - IS A SPECIAL JOURNAL WHERE ALL PAYMENTS OF CASH FOR ANY PURPOSE ARE RECORDED.

CASH DISBURSEMENTS JOURNAL

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101013 - TYPES OF JOURNAL ENTRIES ACCORDING TO FORM (2 ITEMS)

 FAR - ACCOUNTING PROCESS

101013 - TYPES OF JOURNAL ENTRIES ACCORDING TO FORM (2 ITEMS)

1. SIMPLE JOURNAL ENTRY

2. COMPOUND JOURNAL ENTRY
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101014 - IS A TYPE OF JOURNAL ENTRY WHICH CONTAINS A SINGLE DEBIT AND A SINGLE CREDIT ELEMENT.
 FAR - ACCOUNTING PROCESS

101014 - IS A TYPE OF JOURNAL ENTRY WHICH CONTAINS A SINGLE DEBIT AND A SINGLE CREDIT ELEMENT.

SIMPLE JOURNAL ENTRY

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101015 - IS A TYPE OF JOURNAL ENTRY WHICH HAS TWO OR MORE ELEMENTS IN EITHER OR BOTH DEBIT AND
CREDIT SIDES AND OFTEN REPRESENTS TWO OR MORE TRANSACTIONS.
 FAR - ACCOUNTING PROCESS

101015 - IS A TYPE OF JOURNAL ENTRY WHICH HAS TWO OR MORE ELEMENTS IN EITHER OR BOTH DEBIT AND
CREDIT SIDES AND OFTEN REPRESENTS TWO OR MORE TRANSACTIONS.

COMPOUND JOURNAL ENTRY

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101016 - ARE THE STORAGE UNITS OF ACCOUNTING INFORMATION AND USED TO SUMMARIZE CHANGES IN
ASSETS, LIABILITIES AND EQUITY INCLUDING INCOME AND EXPENSES.
 FAR - ACCOUNTING PROCESS

101016 - ARE THE STORAGE UNITS OF ACCOUNTING INFORMATION AND USED TO SUMMARIZE CHANGES IN
ASSETS, LIABILITIES AND EQUITY INCLUDING INCOME AND EXPENSES.

ACCOUNTS
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101017 - ARE THE STATEMENT OF FINANCIAL POSITION OR SO CALLED PERMANENT ACCOUNTS. THESE
ACCOUNTS ARE NOT CLOSED AND CARRYOVER TO THE NEXT ACCOUNTING PERIOD. (EX. CASH, AR AND PPE)
 FAR - ACCOUNTING PROCESS

101017 - ARE THE STATEMENT OF FINANCIAL POSITION OR SO CALLED PERMANENT ACCOUNTS. THESE
ACCOUNTS ARE NOT CLOSED AND CARRYOVER TO THE NEXT ACCOUNTING PERIOD. (EX. CASH, AR AND PPE)

REAL ACCOUNTS
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101018 - ARE THE INCOME STATEMENT OR TEMPORARY CAPITAL ACCOUNTS. THESE ACCOUNTS ARE CLOSED
AT THE END OF THE ACCOUNTING PERIOD. (EX. SALES AND EXPENSES)
 FAR - ACCOUNTING PROCESS

101018 - ARE THE INCOME STATEMENT OR TEMPORARY CAPITAL ACCOUNTS. THESE ACCOUNTS ARE CLOSED
AT THE END OF THE ACCOUNTING PERIOD. (EX. SALES AND EXPENSES)

NOMINAL ACCOUNTS
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101019 - WHILE STILL UNADJUSTED, REPRESENTS A COMBINATION OF REAL AND NOMINAL ACCOUNTS. (EX.
PREPAID EXPENSES)
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101019 - WHILE STILL UNADJUSTED, REPRESENTS A COMBINATION OF REAL AND NOMINAL ACCOUNTS. (EX.
PREPAID EXPENSES)

MIXED ACCOUNT
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101020 - IS THE GENERAL LEDGER ACCOUNT THAT SUMMARIZES THE DETAILED INFORMATION IN A
SUBSIDIARY LEDGER.
 FAR - ACCOUNTING PROCESS

101020 - IS THE GENERAL LEDGER ACCOUNT THAT SUMMARIZES THE DETAILED INFORMATION IN A
SUBSIDIARY LEDGER.

CONTROL ACCOUNT
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101021 - IS AN ACCOUNT THAT HOLDS TEMPORARILY CERTAIN INFORMATION PENDING FOR DISPOSITION.
 FAR - ACCOUNTING PROCESS

101021 - IS AN ACCOUNT THAT HOLDS TEMPORARILY CERTAIN INFORMATION PENDING FOR DISPOSITION.

SUSPENSE ACCOUNT
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101022 - HAS A COUNTERPART IN ANOTHER BOOK WITH IN THE ENTITY OR IN ANOTHER LEDGER OR ANOTHER
ENTITY.
 FAR - ACCOUNTING PROCESS

101022 - HAS A COUNTERPART IN ANOTHER BOOK WITH IN THE ENTITY OR IN ANOTHER LEDGER OR ANOTHER
ENTITY.

RECIPROCAL ACCOUNT
 FAR - ACCOUNTING PROCESS

101023 - IS THE PROCESS OF TRANSFERRING DATA FROM THE JOURNAL TO THE APPROPRIATE ACCOUNTS IN
THE GENERAL LEDGER AND SUBSIDIARY LEDGER. THIS PROCESS CLASSIFIES ALL ACCOUNTS THAT WERE
RECORDED IN THE JOURNALS.
 FAR - ACCOUNTING PROCESS

101023 - IS THE PROCESS OF TRANSFERRING DATA FROM THE JOURNAL TO THE APPROPRIATE ACCOUNTS IN
THE GENERAL LEDGER AND SUBSIDIARY LEDGER. THIS PROCESS CLASSIFIES ALL ACCOUNTS THAT WERE
RECORDED IN THE JOURNALS.

POSTING
 FAR - ACCOUNTING PROCESS

101024 - INCLUDES ALL THE ACCOUNTS APPEARING ON THE FINANCIAL STATEMENTS.

 FAR - ACCOUNTING PROCESS

101024 - INCLUDES ALL THE ACCOUNTS APPEARING ON THE FINANCIAL STATEMENTS.

GENERAL LEDGER
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101025 - AFFORDS ADDITIONAL DETAIL IN SUPPORT OF CERTAIN GENERAL LEDGER ACCOUNTS.

 FAR - ACCOUNTING PROCESS

101025 - AFFORDS ADDITIONAL DETAIL IN SUPPORT OF CERTAIN GENERAL LEDGER ACCOUNTS.

SUBSIDIARY LEDGER
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101026 - A LIST OF GENERAL LEDGER ACCOUNTS WITH THEIR RESPECTIVE DEBIT OR CREDIT BALANCE.
 FAR - ACCOUNTING PROCESS

101026 - A LIST OF GENERAL LEDGER ACCOUNTS WITH THEIR RESPECTIVE DEBIT OR CREDIT BALANCE.

TRIAL BALANCE
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101027 - ARE JOURNAL ENTRIES MADE AT THE END OF AN ACCOUNTING CYCLE TO UPDATE CERTAIN REVENUE
AND EXPENSE ACCOUNTS AND TO MAKE SURE YOU COMPLY WITH THE MATCHING PRINCIPLE.
 FAR - ACCOUNTING PROCESS

101027 - ARE JOURNAL ENTRIES MADE AT THE END OF AN ACCOUNTING CYCLE TO UPDATE CERTAIN REVENUE
AND EXPENSE ACCOUNTS AND TO MAKE SURE YOU COMPLY WITH THE MATCHING PRINCIPLE.

ADJUSTING ENTRIES
 FAR - ACCOUNTING PROCESS

101028 - CHARACTERISTICS OF ADJUSTING ENTRIES (3 ITEMS)

 FAR - ACCOUNTING PROCESS

101028 - CHARACTERISTICS OF ADJUSTING ENTRIES (3 ITEMS)

1. USUALLY REFER TO TRANSACTIONS THAT HAVE EFFECTS ON MORE THAN ONE ACCOUNTING PERIOD;
2. INCLUDE AT LEAST 1 NOMINAL ACCOUNT AND 1 REAL ACCOUNT; AND
3. ARE GENERALLY NOT BASED ON SOURCE DOCUMENTS.
 FAR - ACCOUNTING PROCESS

101029 - TYPICAL ADJUSTING ENTRY CLASSIFICATIONS (5 ITEMS)

 FAR - ACCOUNTING PROCESS

101029 - TYPICAL ADJUSTING ENTRY CLASSIFICATIONS (5 ITEMS)

1. PREPAYMENTS
2. DEFERRALS
3. ACCRUED EXPENSES
4. ACCRUED INCOME
5. ESTIMATES
6. ENDING INVENTORY
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101030 - ARE EXPENSE ITEMS ALREADY PAID FOR BUT NOT YET INCURRED.
 FAR - ACCOUNTING PROCESS

101030 - ARE EXPENSE ITEMS ALREADY PAID FOR BUT NOT YET INCURRED.

PREPAYMENTS
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101031 - METHODS OF INITIALLY RECORDING PREPAYMENTS (2 ITEMS)

 FAR - ACCOUNTING PROCESS

101031 - METHODS OF INITIALLY RECORDING PREPAYMENTS (2 ITEMS)

1. ASSET METHOD (DR. PREPAID EXPENSE; CR. CASH)

2. EXPENSE METHOD (DR. EXPENSE; CR. CASH)
 FAR - ACCOUNTING PROCESS

101032 - PRO-FORMA ADJUSTING ENTRIES FOR PREPAYMENTS WHEN THE ASSET METHOD WAS USED IN
INTIALLY RECORDING THE TRANSACTION
 FAR - ACCOUNTING PROCESS

101032 - PRO-FORMA ADJUSTING ENTRIES FOR PREPAYMENTS WHEN THE ASSET METHOD WAS USED IN
INTIALLY RECORDING THE TRANSACTION

DR. EXPENSE - "EXPIRED PORTION"; CR. PREPAID EXPENSE

 FAR - ACCOUNTING PROCESS

101033 - PRO-FORMA ADJUSTING ENTRIES FOR PREPAYMENTS WHEN THE EXPENSE METHOD WAS USED IN
INTIALLY RECORDING THE TRANSACTION
 FAR - ACCOUNTING PROCESS

101033 - PRO-FORMA ADJUSTING ENTRIES FOR PREPAYMENTS WHEN THE EXPENSE METHOD WAS USED IN
INTIALLY RECORDING THE TRANSACTION

DR. PREPAID EXPENSE - "REMAINING PORTION"; CR. EXPENSE

 FAR - ACCOUNTING PROCESS

101034 - ARE INCOME ITEMS ALREADY COLLECTED IN CASH BUT NOT YET EARNED.
 FAR - ACCOUNTING PROCESS

101034 - ARE INCOME ITEMS ALREADY COLLECTED IN CASH BUT NOT YET EARNED.

DEFERRALS (DEFERRED INCOME)

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101035 - METHODS OF INITIALLY RECORDING DEFERRALS (2 ITEMS)

 FAR - ACCOUNTING PROCESS

101035 - METHODS OF INITIALLY RECORDING DEFERRALS (2 ITEMS)

1. LIABILITY METHOD (DR. CASH; CR. UNEARNED INCOME)

2. INCOME METHOD (DR. CASH; CR. INCOME)
 FAR - ACCOUNTING PROCESS

101036 - PRO-FORMA ADJUSTING ENTRY FOR DEFERRALS WHEN LIABILITY METHOD WAS USED IN INITIALLY
RECORDING THE TRANSACTION
 FAR - ACCOUNTING PROCESS

101036 - PRO-FORMA ADJUSTING ENTRY FOR DEFERRALS WHEN LIABILITY METHOD WAS USED IN INITIALLY
RECORDING THE TRANSACTION

DR. UNEARNED INCOME; CR. INCOME - "EXPIRED PORTION"

 FAR - ACCOUNTING PROCESS

101037 - PRO-FORMA ADJUSTING ENTRY FOR DEFERRALS WHEN THE INCOME METHOD WAS USED IN
INITIALLY RECORDING THE TRANSACTION
 FAR - ACCOUNTING PROCESS

101037 - PRO-FORMA ADJUSTING ENTRY FOR DEFERRALS WHEN THE INCOME METHOD WAS USED IN
INITIALLY RECORDING THE TRANSACTION

DR. INCOME; CR. UNEARNED INCOME - "REMAINING PORTION"

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101038 - OCCUR IN TRANSACTIONS WHERE EXPENSE HAS ALREADY BEEN INCURRED BUT NOT YET PAID FOR
IN CASH.
 FAR - ACCOUNTING PROCESS

101038 - OCCUR IN TRANSACTIONS WHERE EXPENSE HAS ALREADY BEEN INCURRED BUT NOT YET PAID FOR
IN CASH.

ACCRUED EXPENSE
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101039 - PRO-FORMA ADJUSTING ENTRY FOR ACCRUED EXPENSES

 FAR - ACCOUNTING PROCESS

101039 - PRO-FORMA ADJUSTING ENTRY FOR ACCRUED EXPENSES

DR. EXPENSE; CR. PAYABLE

 FAR - ACCOUNTING PROCESS

101040 - OCCUR IN TRANSACTIONS WHERE INCOME HAS BEEN ALREADY EARNED BUT NOT YET COLLECTED IN
CASH.
 FAR - ACCOUNTING PROCESS

101040 - OCCUR IN TRANSACTIONS WHERE INCOME HAS BEEN ALREADY EARNED BUT NOT YET COLLECTED IN
CASH.

ACCRUED INCOME
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101041 - PRO-FORMA ADJUSTING ENTRY FOR ACCRUED INCOME

 FAR - ACCOUNTING PROCESS

101041 - PRO-FORMA ADJUSTING ENTRY FOR ACCRUED INCOME

DR. RECEIVABLE; CR. INCOME

 FAR - ACCOUNTING PROCESS

101042 - ARE ADJUSTING ENTRIES THAT DO NOT INVOLVE CASH FLOWS.

 FAR - ACCOUNTING PROCESS

101042 - ARE ADJUSTING ENTRIES THAT DO NOT INVOLVE CASH FLOWS.

ESTIMATES
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101043 - COMMON EXAMPLES OF ESTIMATES THAT REQUIRE ADJUSTING ENTRIES (2 ITEMS)

 FAR - ACCOUNTING PROCESS

101043 - COMMON EXAMPLES OF ESTIMATES THAT REQUIRE ADJUSTING ENTRIES (2 ITEMS)

1. PROVISION FOR DOUBTFUL ACCOUNTS

2. DEPRECIATION
 FAR - ACCOUNTING PROCESS

101044 - IS THE ESTIMATED AMOUNT OF BAD DEBT THAT WILL ARISE FROM ACCOUNTS RECEIVABLE THAT
HAVE BEEN ISSUED BUT NOT YET COLLECTED.
 FAR - ACCOUNTING PROCESS

101044 - IS THE ESTIMATED AMOUNT OF BAD DEBT THAT WILL ARISE FROM ACCOUNTS RECEIVABLE THAT
HAVE BEEN ISSUED BUT NOT YET COLLECTED.

PROVISION FOR DOUBTFUL ACCOUNTS

 FAR - ACCOUNTING PROCESS

101045 - IS THE SYSTEMATIC ALLOCATION OF THE COST OF A FIXED ASSET OVER ITS USEFUL LIFE.
 FAR - ACCOUNTING PROCESS

101045 - IS THE SYSTEMATIC ALLOCATION OF THE COST OF A FIXED ASSET OVER ITS USEFUL LIFE.

DEPRECIATION
 FAR - ACCOUNTING PROCESS

101046 - IS AN ADJUSTMENT USED TO SET UP THE YEAR-END COUNT OF THE INVENTORY. THIS ONLY APPLIES
IF THE PERIODIC INVENTORY SYSTEM IS USED.
 FAR - ACCOUNTING PROCESS

101046 - IS AN ADJUSTMENT USED TO SET UP THE YEAR-END COUNT OF THE INVENTORY. THIS ONLY APPLIES
IF THE PERIODIC INVENTORY SYSTEM IS USED.

ENDING INVENTORY
 FAR - ACCOUNTING PROCESS

101047 - IS THE MOST IMPORTANT PART OF THE SUMMARIZING PHASE. THIS IS WHERE THE PROCESSED
INFORMATION IS COMMUNICATED TO USERS.
 FAR - ACCOUNTING PROCESS

101047 - IS THE MOST IMPORTANT PART OF THE SUMMARIZING PHASE. THIS IS WHERE THE PROCESSED
INFORMATION IS COMMUNICATED TO USERS.

PREPARING THE FINANCIAL STATEMENTS.

 FAR - ACCOUNTING PROCESS

101048 - BASIC FINANCIAL STATEMENTS (5 ITEMS)

 FAR - ACCOUNTING PROCESS

101048 - BASIC FINANCIAL STATEMENTS (5 ITEMS)

1. STATEMENT OF FINANCIAL POSITION

2. INCOME STATEMENT OR STATEMENT OF COMPREHENSIVE INCOME
3. STATEMENT OF CHANGES IN EQUITY
4. STATEMENT OF CASH FLOWS
5. NOTES AND DISCLOSURES
 FAR - ACCOUNTING PROCESS

101049 - ARE RECORDED AND POSTED FOR THE PURPOSE OF CLOSING ALL NOMINAL OR TEMPORARY
ACCOUNTS TO THE INCOME SUMMARY ACCOUNT AND THE RESULTING NET INCOME OR LOSS IS AFTERWARDS
CLOSED TO THE CAPITAL OR RETAINED EARNINGS ACCOUNT.
 FAR - ACCOUNTING PROCESS

101049 - ARE RECORDED AND POSTED FOR THE PURPOSE OF CLOSING ALL NOMINAL OR TEMPORARY
ACCOUNTS TO THE INCOME SUMMARY ACCOUNT AND THE RESULTING NET INCOME OR LOSS IS AFTERWARDS
CLOSED TO THE CAPITAL OR RETAINED EARNINGS ACCOUNT.

CLOSING ENTRIES
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101050 - ARE MADE AT THE BEGINNING OF THE NEW ACCOUNTING PERIOD TO REVERSE CERTAIN ADJUSTING
ENTRIES FROM THE PRECEDING ACCOUNTING PERIOD.
 FAR - ACCOUNTING PROCESS

101050 - ARE MADE AT THE BEGINNING OF THE NEW ACCOUNTING PERIOD TO REVERSE CERTAIN ADJUSTING
ENTRIES FROM THE PRECEDING ACCOUNTING PERIOD.

REVERSING ENTRIES
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101051 - ADJUSTING ENTRIES THAT MAY BE REVERSED (4 ITEMS)

 FAR - ACCOUNTING PROCESS

101051 - ADJUSTING ENTRIES THAT MAY BE REVERSED (4 ITEMS)

1. PREPAYMENTS WHEN EXPENSE METHOD IS USED

2. DEFERRALS WHEN INCOME METHOD IS USED
3. ACCRUED EXPENSE
4. ACCRUED INCOME
 FAR - ACCOUNTING PROCESS

101052 - OPTIONAL STEPS IN THE ACCOUNTING CYCLE (2 ITEMS)

 FAR - ACCOUNTING PROCESS

101052 - OPTIONAL STEPS IN THE ACCOUNTING CYCLE (2 ITEMS)

1. ALL TRIAL BALANCES

2. REVERSING ENTRIES