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18. The process of transferring the debits and credits from the journal entries to the accounts. 19. Cumulative amount of net income earned over the life of the company that has not 20. -21. been distributed to stockholders as dividends. The liability created by receiving revenue in advance. A summary listing of the titles and balances of accounts in the ledger. 22. A corporation's own stock that it has reacquired -23. The accounting concept that assumes that the economic life of the business can be divided into time periods. 24. Under this basis of accounting, revenue and expenses are reported in the income ment in the period in which cash is received or paid. 25. Under this basis of accounting, revenue and expenses are reported in the income statement in the period in which they are earned or incurred. 6. 27. 28. -29. 30. The accounting concept that supports reporting revenues when the services are provided to customers. The accounting concept that supports reporting revenues and related expenses in the same period. A list of only permanent accounts and their balances prepared to prove that the accounting equation is in balance. The journal entries that bring the accounts up to date at the end of the accounting period. Items that have been initially recorded as assets that are expected to become expenses over time or through the operations of the business. Reduction in the amount to be paid by a credit customer if payment on account is made with a specified period of time. 31. 32. Expenses that have been incurred but not recorded in the account. 33. Revenues that have been earned but not recorded in the account. Physical resources that are owned and used by a business and are permanent or have a long life. A loss contingency that is probable of occuring within the next year but cannot be estimated. 34. 35. 36. Cost of the inventory that was sold during the period. 37. The asset account credited when recording the depreciation of a fixed asset. 38. The difference between the cost of a fixed asset and its accumulated depreciation. 39. The trial balance prepared after all the adjusting entries have been posted. 0. An account offset against another account. Reduction in the listed price of a product or service. Large stock dividend that includes a reduction in the par or stated value per share. 12

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