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Chapter 5 Vocabulary

NALS Chapter 5 Vocabulary Words

Accounting equation The relationship between the three basic accounting elements; assets equal liabilities plus owner's equity;
Balance The difference between total debits and credits in an account
Bank draft a check issued by a bank on its funds in another bank, usually located in another city
Blank endorsement the simple signature of the payee which makes the check payable to bearer; also referred to as endorsement in blank
Block billing refers to the practice of grouping all time spent on a project during the course of the day into one entry, regardless of the number or variety of tasks performed.
Cashier's check a check issued by a bank that reduces the drawer's account by the amount of the check
Circular E-The Employer's Tax Guide a booklet published periodically by the Internal Revenue Service as a guide for the bookkeeper regarding payroll and withholding taxes, which can also be found online
Credit an entry made on the right side of an account
Debit An entry made on the left side of the account
Drawee Person to whom a check is written
Drawer Person by whom a check is written and upon whose funds the check is drawn
Employer Identification Number a number assigned to an employer by the Internal Revenue Service that must be used on all reports to the IRS
Fair Labor Standards Act Among other things, minimum wage, overtime pay, hours worked, etc
For Deposit Only Restrictive endorsement used on checks to be deposited
Matters A term that refers to an individual piece of legal work for a given client; clients may have only one matter or many
Money Order A payment document that can be purchased at a United States Post office, bank and many stores to use in place of a check, paid for with cash
Payee Person to whom a promissory note, bank draft, or check is issued
Payroll records the records listing employees, earning, deductions, and withholdings
Principal The amount a borrower promises to pay that is written on the face of a note
Pro Bono Describes legal work or services performed free of charge
Reconciliation To bring a bank statement and check register into agreement; a process which ensures the record of the bank and the depositor are In agreement
Retainer An advance payment made to cover anticipated work or costs.
Written down Time that is reduced or removed from a bill to create a discounted bill
Withholding taxes funds withheld by the employer from the employee's payroll check for payment of federal, state, and local income taxes and Social Security taxes
Created by: Daejah118009