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Recordkeep Final6/13
| Question | Answer |
|---|---|
| The bookkeeping system in which each entry is made separately is called? | Single entry |
| A check dated in the future is called? | Post dated |
| What a business is worth is called? | Owners equity |
| A Banks own check drawn upon itself and signed by a bank cashier is called? | cashiers check |
| A record of earning and deductions for a year is called? | W2 |
| The bookkeeping system that generates all the necessary financial records for each transaction with one writing is called? | Peg board system |
| Signature on the back of a check indicating that all rights are transferred to another party is? | endorsement |
| This form authorizes employers to deduct taxes and indicating that number of exemption or deductions? | W4 |
| The person who signs the check is called? | Payer, maker or drawer |
| Properties owned by a business? | Assets |
| Used to take care if minor expenditures? | Petty cash |
| Form that is a summary of a W2 from an employer? | W3 |
| Used by those without a checking account is? | Money order |
| Form that reports income taxes withheld from wages, tips, etc, and filed quarterly with the IRS? | 941 |
| The type of endorsement that is signed with Pay to the Order of | special endorsement |
| For deposit only is what kind of endorsement? | Restrictive |
| This tells the financial position of a business on a given date | balance sheet |
| A record that includes the debit and credit transactions of all financial accounts | general ledger |
| Total of all patients outstanding balances owed to the practice | accounts recievable |
| Taxes subject to change by the SSA are? | FICA |
| What system does FICA taxes finance? | SSA |
| What taxes must be deposited in an authorized financial institution by the employer? | FICA |
| What is filed on form 941? | Quarterly tax report |
| Patients bill or statement | Ledger |
| A discount or refund applied to an account | adjustment |
| Charge made to an account | debit |
| Preprinted form with basic office charges listed and space for patients current charges | super bill |
| Systematic recording of the transactions of a business | record keeping/ bookkeeping |
| Debts of a business | Liabilities |
| Payment received on an account | credit |
| Check register is also called | disbursement journal |
| Type of endorsement signed by the person to whom the check is made out to is | blank endorsement |
| Person to whom the check is written | payee |
| Check made out to you patient by a party unknown to you, who the signs the check over to the office | Third party check |
| Federal unemployment taxes are paid by who? | The employer |
Created by:
lecopple1
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