Accounting Exam questions and answers Graded A+ Account Balance - Difference between total debits and total credits (including the beginning balance) for an account. Accounting - comprehensive system for collecting, analyzing, and communicating financ

Accounting Exam questions and answers Graded A+ Account Balance - Difference between total debits and total credits (including the beginning balance) for an account. Accounting - comprehensive system for collecting, analyzing, and communicating financial information Accounting Cycle - for a given time period, the cycle of recording accounting data, adjusting the accounts, preparing the financial statements, and closing the temporary accounts; when one accounting cycle ends a new one begins Accounting Event - Economic occurrence that changes a company's assets, liabilities, or equity Accounting Period - Time span covered by the financial statements; normally one year, but may be a quarter, month or some other time interval Accrual - Accou