Arkansas Accounting II - Unit 2 vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Accumulated earnings | the employee's year to date gross earnings or the employee's gross earnings from the beginning of the year to the end of each pay period
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| allowance | reduces the amount of income tax to be witheld
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| beginning inventory | the merchandise a business has on hand at the beginning of a fiscal period
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| cash payments journal | a special journal used to record only cash payment transactions
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| cash receipts | a special journal used to record only cash receipt transactions
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| commission | an amount paid to an employee based on a percentage of the employee's sales
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| cost of merchandise | the price a business pays for goods it purchases to sell
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| deduction | an amount that is subtracted from the employee's gross earnings
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| direct deposit | the depositing of an employees's net pay directly into his/her personal bank account; usually made through electronic funds tansfer
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| EFT | a computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents
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| employee earnings record | a business form used to record details affecting payments made to an employee
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| ending inventory | the merchandise a business has on hand at the end of a fiscal period
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| equities | financial rights to the assets of a business
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| expense | a decrease in owner's equity resulting from the operations of a business
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| gross earnings | the total pay due for a pay period before deductions
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| gross profit on sales | the revenue remaining after cost of merchandise sold has been deducted
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| income statement | a financial statement showing the revenue and expenses for a fiscal period
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| net income | the difference between total revenue and total expenses when total revenue is greater
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| net loss | the difference between total revenue and total expenses when total expenses are greater
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| net pay | the total earnings paid to an employee after payroll taxes and other deductions
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| net purchases | total purchases less purchases discount and purchases returns and allowances
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| net sales | total sales less sales discount and sales returns and allowances
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| operating expenses | the cash spent or assets consumed to earn revenue for a business; operating expenses do not include federal income tax expense
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| operating income | taxable income of a corporation
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| overtime rate | employers are required to pay overtime when employees covered by these laws work more than 40 hours per week
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| pay period | the period covered by a salary payment
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| payroll | the total amount earned by all employees for a pay period
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| payroll register | a business form used to record payroll information
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| payroll taxes | taxes based on the payroll of a business
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| post-closing trial balance | a trial balance prepared after the closing entries are posted
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| purchases journal | a special journal used to record only purchases of merchandise on account
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| revenue | an increase in owner's equity resulting from the operation of a business
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| salary | the money paid for employee services
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| sales journal | a special journal used to record only sales of merchandise on account
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| source document | a business paper from which information is obtained for journal entry
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| statement of retained earnings | a statement that reports the changes that have taken place in the retained earnings account during the fiscal period, prepared as a supporting document for the balance sheet
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| tax base | the maximum amount of earnings on which a tax is calculated
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| wages | an amount of money paid to an employee at a specified rate per hour worked
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| withholding allowance | a deduction from total earnings for each person legally supported by a taxpaper, including the employee
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