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MOM Ch 12

Side B

Managerial accounting the function of collecting and applying financial information within an organization in order to make sound business decisions
financial accounting the process of providing information to stockholders or creditors
fixed cost cost that remain the same no matter how many services are used or produced Ex: Rent
budget a list of planned expenses and revenues
petty cash a small amount of money kept in the medical office to pay for unexpected items; must be kept track of
gross pay amount earned before taxes or deduction are subtracted
outsource to send outside a business to another business for completion
net pay amount of wages remaining after deductions and taxes have been subtracted
FICA (Federal Insurance Contribution Act) law that addresses Social Security withholding taxes; mandated by law
worker' compensation insurance coverage for job-related illness or injury provided by employers
W-4 form U.S. Federal form that indicates employees' martial status and federal tax exemptions; shows what your withholding allowances are
withholding allowances number of exemptions declared on federal tax forms
remain the same each pay period, no matter how many hours are worked, up to 40 hours in 1 week The gross earnings of a salaried employee
W-2 form U.S. Federal form that annually documents the wages employees drew during the previous year
repay loans, honor child or spousal support, or pay monetary judgments against employees Wages may be garnished to
endorsement stamp a method of endorsing a check so that the office's name and account number and the bank's name are listed on the back; use for deposit only
reconciling the bank statement is done to make sure your check register is correct
Created by: Stacey_Gantt5