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Accounting Final
| Term | Definition |
|---|---|
| Accounts Payable Ledger: | A subsidiary ledger containing only accounts for vendors from whom items are purchased on account. |
| Accounts Receivable Ledger: | A subsidiary ledger containing only accounts for charge customers. |
| Accumulated Depreciation: | The total amount of depreciation expense recorded since the purchase of a plant asset. |
| Adjusting Entries: | Journal entries that bring general ledger account balances up to date at the end of a period. |
| Asset: | Anything of value that is owned. |
| Book Value: | The difference between an asset's account balance and its related contra account balance. |
| Cash Receipts Journal: | A special journal used to record all cash receipt transactions. |
| Closing Entries: | Journal entries that prepare temporary accounts for the next fiscal period. |
| Controlling Account: | An account in a general ledger that summarizes all accounts in a subsidiary ledger. |
| Corporation: | An organization with the legal rights of a person and which many persons may own. |
| Cost of Merchandise: | The price a business pays for goods it purchases to sell. |
| Credit Memorandum: | A form prepared by the vendor showing the amount deducted for returns and allowances. |
| Current Assets: | Cash and other assets expected to be exchanged for cash or consumed within a year. |
| Customer: | A person or business to whom merchandise or services are sold. |
| Depreciation Expense: | The portion of a plant asset's cost transferred to an expense account during its useful life. |
| Employee Earnings Record: | A business record used to track an individual employee's earnings and deductions throughout the year. |
| Gross Profit on Sales: | The revenue remaining after the cost of merchandise sold is deducted. |
| Markup: | The amount added to the cost of merchandise to establish the selling price. |
| Medicare Tax: | A specific federal tax withheld to fund Medicare, matched by the employer. |
| Merchandise Inventory: | The amount of goods on hand for sale to customers. |
| Merchandising Business: | A business that purchases and sells goods. |
| Net Pay: | The amount paid to an employee after all taxes and deductions have been subtracted. |
| Net Sales: | Total sales less sales discount and sales returns and allowances. |
| Payroll Register: | A record that summarizes the payroll for a specific pay period. |
| Payroll Taxes: | Taxes based on the payroll that an employer is required by law to withhold. |
| Payroll: | The total amount earned by all employees for a specific pay period. |
| Plant Assets: | Assets that will be used for a number of years in the operation of a business. |
| Purchase Invoice: | An invoice used as a source document for recording a purchase on account transaction. |
| Purchase on Account: | A transaction in which the merchandise purchased is to be paid for later. |
| Purchases Journal: | A special journal used to record only purchases of merchandise on account. |
| Retained Earnings: | An amount earned by a corporation and not yet distributed to stockholders. |
| Sale on Account: | A sale for which cash will be received at a later date. |
| Sales Discount: | A cash discount on sales. |
| Sales Invoice: | An invoice used as a source document for recording a sale on account. |
| Sales Journal: | A special journal used to record only sales of merchandise on account. |
| Sales Return: | Credit allowed to a customer for part of the sales price of merchandise that is not returned. |
| Sales Tax: | A tax on a sale of merchandise or services, usually stated as a percentage of sales. |
| Schedule of Accounts Payable: | A listing of vendor accounts used to prove the accounts payable ledger at the end of a month. |
| Schedule of Accounts Receivable: | A listing of customer accounts, account balances, and the total amount due. |
| Share of Stock: | Each unit of ownership in a corporation. |
| Social Security Tax: | A specific federal tax withheld from employee earnings, also paid by employers. |
| Special Amount Column: | A journal amount column headed with an account title, used for frequently occurring transactions. |
| Special Journal: | A journal used to record only one kind of transaction. |
| Stockholder: | An owner of one or more shares of a corporation. |
| Subsidiary Ledger: | A ledger that is summarized in a single general ledger account. |
| Temporary Accounts: | Accounts (revenue, cost, expense, dividends) closed at the end of each period to begin with zero balances. |
| Total Earnings: | The total pay due for a pay period before deductions (gross pay). |
| Uncollectible Accounts: | Accounts receivable that cannot be collected. |
| Vendor: | A business from which merchandise, supplies, or other assets are bought. |
| Work Sheet: | A columnar form on which financial information needed for statements is summarized. |
Created by:
nicole.l.anderson