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Vocab #4 dr madhu

Dr madhu vocab 4

QuestionAnswer
Accounting Equation Assets = Liabilities + Proprietorship
Accrual Basis of Accounting income recorded when earned, and expenses are recorded when incurred.
Accounts Receivable Trial Balance A method of determining that the journal and the ledger are in balance.
Balance Sheet a financial statement for a specific date that shows total assets, liabilities and business capital
Bank Reconciliation The process of proving that the bank statement and checkbook balance agree
Cash Basis Accounting System where income is recorded when received and expenses are recorded when paid
Disbursement Funds paid out
Endorser The person who signs their on the back of a check to transfer title
General Journal The book in which all transactions are first recorded; the book of original entry
invoice A paper describing a purchase and the amount due
Maker a legal party who signs a negotiable instrument
Negotiable legally transferable to another party
Packing Slip An itemized list of objects in a package
Payables Amounts owed to others
Payee The person named on a check as the recipient of the funds
Payor The person who writes the check to another
Petty Cash Fund A fund maintained to pay small unpredictable cash expenditure
Posting The act of transferring information from one record to another
Power of Attorney A legal paper authorizing a person to act as another's agent
Receipts Money taken in
statement a request for payment
Statement of Income and Expenses A summary of all income and expenses for a given period
Teller A bank employee who waits on customers
Third Party Check A check written to the order of the person offering payment and unknown to the payee
Transaction The occurrence of a financial event or condition to be recorded.
Created by: Tracy-
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