Vocab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Accounting Equation |
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| Balance | The amount of money an account holds.
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| Bank Draft | A check issued by a bank on its funds in another bank, usually located in another city.
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| Blank Endorsement | Check endorsement consisting of only the endorser's signature.
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| Block Billing | Refers to the practice of grouping all time spent on a project during the course of the say into one entry, regardless of the number of variety of tasks performed.
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| Cashier's Check | A check drawn by a bank on its own funds.
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| Certified Check | A check issued by a bank that reduces the drawer's account by the amount of the check. The bank holds those funds for payment of the check and becomes responsible for its payments.
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| Circular E-The Employer's Tax Guide |
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| Credit | The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future
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| Debit | (of a bank or other financial organization) remove (an amount of money) from a customer's account.
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| Drawee | Person to whom the check is written.
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| Drawer | Person by whom a check is written and upon whose funds the check is drawn.
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| Employer Identification Number | A number assigned to an employer by the Internal Revenue Service that must be used on all reports submitted to the IRS.
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| Fair Labor Standarts Act |
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| For Deposits Only |
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| Matters | A term that refers to an individual piece of legal work for a given client.
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| Money Order |
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| Payee | Person to whom a promissory note, bank draft or check is issued.
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| Payroll Records |
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| Payroll Register |
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| Principal | A sum of money lent or invested, on which interest is paid.
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| Pro Bono | Describes legal work or services performed free of charge.
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| Reconciliation | To bring a bank statement and a check register into agreement.
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| Retainer | An advance payment made to cover anticipated work or costs.
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| Withholding Taxes |
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| Written Down |
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