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