VYC1 Principles of Accounting WGU
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accounting | show 🗑
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show | a process designed to accumulate, classify, and summarize financial data
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auditing | show 🗑
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auditor's report | show 🗑
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show | an independent accountant who provides accounting services to the public for a fee
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corporation | show 🗑
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show | one to whom money is owed
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discussion memorandum | show 🗑
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economic entity | show 🗑
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entity | show 🗑
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exposure draft | show 🗑
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show | periodic reports of a firm's financial position or operating results
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show | accounting standards developed and applied by professional accountants
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governmental accounting | show 🗑
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international accounting | show 🗑
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management advisory services | show 🗑
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show | accounting work carried on by an accountant employed by a single business in industry
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show | a business entity owned by two or more people who are legally responsible for the debts and taxes of the business
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show | members of firms that perform accounting services for other companies
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show | the concept of keeping a firm's financial records separate from the owner's personal financial records
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show | a nonprofit organization, such as a city, public school, or public hospital
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sole proprietorship | show 🗑
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Statements of Financial Accounting Standards | show 🗑
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stock | show 🗑
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stockholders | show 🗑
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tax accounting | show 🗑
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account payable | show 🗑
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show | claims for future collection from customers
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show | property owned by a business
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balance sheet | show 🗑
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show | a point at which revenue equals expenses
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business transaction | show 🗑
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capital | show 🗑
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show | an owner's financial interest in a business
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expense | show 🗑
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show | the current worth of an asset or the price the asset would bring if sold on the open market
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show | the relationship between assets and liabilities plus owner's equity
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show | a formal report of business operations covering a specific period of time;
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liabilities | show 🗑
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show | the results of an excess of revenue over expenses
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net loss | show 🗑
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show | an arrangement to allow payment at a later date
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owner's equity / proprietorship / net worth | show 🗑
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revenue / income | show 🗑
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show | a formal report of changes that occurred in the owner's financial interest during a reporting period
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withdrawals | show 🗑
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account balance | show 🗑
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show | written records of the assets, liabilities, and owner's equity of a business
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chart of accounts | show 🗑
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show | a means of identifying each account as an asset, liability, or owner's equity
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credit | show 🗑
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show | an entry on the left side of an account
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double-entry system | show 🗑
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drawing account | show 🗑
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footing | show 🗑
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normal balance | show 🗑
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show | an account that is kept open from one accounting period to the next
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slide | show 🗑
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T account | show 🗑
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temporary account | show 🗑
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show | an accounting error involving misplaced digits in an error
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show | a statement to test the accuracy of total debits and credits after transactions have been recorded
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show | a series of steps performed during each accounting period to classify, record, and summarize data for a business and to produce needed financial information
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audit trail | show 🗑
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balance ledger form | show 🗑
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chronological order | show 🗑
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compound entry | show 🗑
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show | a journal entry made to correct an erroneous entry
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general journal | show 🗑
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general ledger | show 🗑
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journal | show 🗑
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journalizing | show 🗑
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ledger | show 🗑
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posting | show 🗑
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account form balance sheet | show 🗑
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show | journal entries made to update accounts for items that were not recorded during the accounting period
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book value | show 🗑
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contra account | show 🗑
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show | an asset account with a credit balance, which is contrary to the normal balance of an asset account
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depreciation | show 🗑
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show | expense items acquired, recorded,and paid for in advance of their use
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show | a balance sheet that lists the asset accounts first, followed by liabilities and owner's equity
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show | an estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life
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straight-line depreciation | show 🗑
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show | a form used to gather all data needed at the end of an accounting period to prepare financial statements
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closing entries | show 🗑
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income summary account | show 🗑
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show | to understand and explain the meaning and importance of something (such as financial statements)
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show | a statement that is prepared to prove the equality of total debits and credits after the closing process is completed
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show | a subsidiary ledger that contains credit customer accounts
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charge-account sales | show 🗑
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contra revenue account | show 🗑
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control account | show 🗑
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credit memorandum | show 🗑
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show | a customer billing for merchandise bought on credit
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list price | show 🗑
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show | a business that sells goods that it has produced
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merchandise inventory | show 🗑
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merchandising business | show 🗑
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show | the list price less all trade discounts
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show | the difference between the balance in the Sales account and the balance in the Sales Returns and Allowances account
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show | a system that allows the sale of services or goods with the understanding that payment will be made at a later date
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retail business | show 🗑
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show | a reduction in the price originally charged to customers for goods or services
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show | a special journal used to record sales of merchandise on credit
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sales return | show 🗑
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Sales Return and Allowances | show 🗑
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schedule of accounts receivable | show 🗑
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service business | show 🗑
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special journal | show 🗑
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subsidiary ledger | show 🗑
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trade discount | show 🗑
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wholesale business | show 🗑
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show | a subsidiary ledger that contains a separate account for each creditor
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cash discount | show 🗑
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cost of goods sold | show 🗑
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show | an account showing transportation charges for items purchased
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show | a price reduction from the amount originally billed
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show | a bill received for goods purchased
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show | an order to the supplier of goods specifying items needed, quantity, price, and credit terms
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purchase requisition | show 🗑
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show | return of unsatisfactory goods
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show | an account used to record cost of goods bought for resale during a period
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show | a cash discount offered to the customer for payment within a specified period
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show | a special journal used to record the purchase of goods on credit
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show | a form showing quantity and condition of goods received
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sales discount | show 🗑
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sales invoice | show 🗑
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schedule of accounts payable | show 🗑
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show | see Freight In account
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show | a statement that accounts for all differences between the balance on the bank statement and the book balance of cash
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blank endorsement | show 🗑
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show | the process by which employees are investigated by an insurance company that will insure business against losses through employee theft or mishandling of funds
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show | a check paid by the bank on which it was drawn
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show | in accounting, currency, coins, checks, money orders, and funds on deposit in a bank
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show | a special journal used to record transactions involving the payment of cash
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cash receipts journal | show 🗑
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cash register proof | show 🗑
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Cash Short or Over account | show 🗑
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show | a written order signed by an authorized person instructing a bank to pay a specific sum of money to a designated person or business
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show | a form that explains any addition other than a deposit, to a checking account
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debit memorandum | show 🗑
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deposit in transit | show 🗑
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show | a form prepared to record the deposit of cash or checks to a bank account
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show | a check returned to the depositor unpaid because of insufficient funds in the drawer's account; also called an NSF check
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show | the bank on which a check is written
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show | the person or firm issuing a check
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electronic funds transfer (EFT) | show 🗑
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show | a written authorization that transfers ownership of a check
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full endorsement | show 🗑
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show | a financial instrument whose ownership can be transferred to another person or business
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outstanding checks | show 🗑
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show | the person or firm to whom a check is payable
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petty cash analysis sheet | show 🗑
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petty cash fund | show 🗑
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show | a form used to record the payments made from a petty cash fund
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postdated check | show 🗑
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show | a written promise to pay a specified amount of money on a specific date
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show | a signature that transfers a check to a specific party for a stated purpose
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service charge | show 🗑
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statement of account | show 🗑
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show | a method of paying employees according to a percentage of net sales
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show | see individual earnings record
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show | a person who is hired by and works under the control and direction of the employer
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show | a form used to claim exemption (withholding) allowances
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exempt employees | show 🗑
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federal unemployment taxes | show 🗑
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show | a method of paying employees according to a stated rate per hour
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independent contractor | show 🗑
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individual earnings record | show 🗑
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Medicare tax | show 🗑
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payroll register | show 🗑
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piece-rate basis | show 🗑
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show | a method of paying employees according to an agreed-upon amount for each week or month
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Social Security Act | show 🗑
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show | a tax imposed by the Federal Insurance Act and collected on employee earnings to provide retirement and disability benefits
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show | taxes levied by a state government against employers to benefit unemployed workers
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tax-exempt wages | show 🗑
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show | rate of pay for an employee's work in excess of 40 hours a week
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show | a simple method to determine the amount of federal income tax to be withheld using a table provided by the government
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workers' compensation insurance | show 🗑
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Employer's Annual Federal Unemployment Tax Return, Form 940 | show 🗑
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show | preprinted government form used by the employer to report payroll tax information relating to social security, Medicare, and employee income tax withholding to the IRS
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show | a system that rewards an employer for maintaining steady employment conditions by reducing the firm's state unemployment tax rate
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show | see experience rating system
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Transmittal of Wage and Tax Statements, Form W-3 | show 🗑
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unemployment insurance program | show 🗑
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show | preprinted government form that contains information about an employee's earnings and tax withholdings for the year
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withholding statement | show 🗑
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