PHA 305: Managing Money

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created 11 days ago by brandibyler
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1

Fiscal/financial events that are recorded

Transaction

2

A defined period of time over which transactions are recorded (most common is 1 yr)

Accounting period

3

True/False: Accounting periods must always follow calendar years.

False

4

The process of recording, reporting, and analyzing financial transactions

Accounting

5

What is measured at the end of an accounting period?

Income and expenses

6

Account that is closed out and reduced to a zero balance at the end of each accounting period and begins accumulating a balance in the next accounting period

Nominal account

7

Nominal accounts

  • Represents the transactions of a defined accounting period for organization
  • Accounts on the income statement (revenue and expense accounts)