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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| show | a publicly or privately owned business entity that is separate from its owners and has a legal right to own property and do business in its own name; stockholders are not responsible for the debts or taxes of the business
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| creditor | show 🗑
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| show | an explanation of a topic under consideration by the Financial Accounting Standards Board
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| economic entity | show 🗑
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| show | anything having its own separate identity, such as an individual, a town, a university, or a business
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| show | a proposed solution to a problem being considered by the Financial Accounting Board
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| show | periodic reports of a firm's financial position or operating results
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| generally accepted accounting principles (GAAP) | show 🗑
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| show | accounting work performed for a federal, state, or local governmental unit
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| international accounting | show 🗑
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| show | services designed to help clients improve their information systems or their business performance
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| show | accounting work carried on by an accountant employed by a single business in industry
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| partnership | show 🗑
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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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| show | a business entity owned by one person who is legally responsible for the debts and taxes of the business
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| Statements of Financial Accounting Standards | show 🗑
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| show | certificates that represent ownership of a corporation
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| stockholders | show 🗑
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| show | a service that involves tax compliance and tax planning
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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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| break even | show 🗑
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| business transaction | show 🗑
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| show | financial investment in a business
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| show | an owner's financial interest in a business
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| expense | show 🗑
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| fair market value | show 🗑
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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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| show | the result of an excess of expenses over revenue
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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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| show | the difference between the amounts recorded on the two sides of an account
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| accounts | show 🗑
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| show | a list of the accounts used by a business to record its financial transactions
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| show | a means of identifying each account as an asset, liability, or owner's equity
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| show | an entry on the right side of an account
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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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| show | a special type of owner's equity account set up to record the owner's withdrawal of cash from the business
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| show | a small pencil figure written at the base of an amount column showing the sum of the entries in the column
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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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| show | an accounting error involving a misplaced decimal point
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| show | a type of account resembling a T, used to analyze the effects of a business transaction
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| temporary account | show 🗑
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| transposition | show 🗑
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| trial balance | show 🗑
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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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| show | organized in the order in which the events occur
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| show | a journal entry with more than one debit or credit
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| show | a journal entry made to correct an erroneous entry
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| show | a financial record for entering all types of business transactions; a record of original entry
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| general ledger | show 🗑
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| journal | show 🗑
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| show | recording transactions in a journal
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| ledger | show 🗑
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| show | transferring data from a journal to a ledger
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| account form balance sheet | show 🗑
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| adjusting entries | show 🗑
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| show | that portion of an asset's original cost that has not yet been depreciated
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| show | an account with a normal balance that is opposite of a related account
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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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| report form balance sheet | show 🗑
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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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| show | journal entries that transfer the results of operations (net income or net loss) to owner's equity and reduce the revenue, expense, and drawing account balances to zero
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| show | a special owner's equity account that is used only in the closing process that summarize the result of operations
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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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| show | sales made through the use of open-account credit or one of various types of credit cards
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| show | an account with a debit balance, which is contrary to the normal balance for a revenue account
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| control account | show 🗑
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| show | a note verifying that a customer's account is being reduced by the amount of a sales return or sales allowance plus any sales tax that may have been involved
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| invoice | show 🗑
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| list price | show 🗑
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| manufacturing business | show 🗑
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| show | the stock of goods a merchandising business keeps on hand
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| merchandising business | show 🗑
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| net price | show 🗑
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| net sales | show 🗑
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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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| show | a firm's acceptance of a return of goods from a customer
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| Sales Return and Allowances | show 🗑
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| show | a listing of all balances of the accounts in the accounts receivable subsidiary ledger
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| show | a business that sells services
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| show | a journal used to record only one type of transaction
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| show | a ledger dedicated to accounts of a single type and showing details to support a general ledger account
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| show | a reduction from list price
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| wholesale business | show 🗑
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| accounts payable ledger | show 🗑
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| show | a discount offered by suppliers for payment received within a specified period of time
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| cost of goods sold | show 🗑
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| Freight In account | show 🗑
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| show | a price reduction from the amount originally billed
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| purchase invoice | show 🗑
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| purchase order | show 🗑
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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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| purchases discount | show 🗑
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| show | a special journal used to record the purchase of goods on credit
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| receiving report | show 🗑
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| sales discount | show 🗑
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| show | a supplier's billing document
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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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| bonding | show 🗑
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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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| cash payment journal | show 🗑
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| cash receipts journal | show 🗑
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| show | a verification that the amount of currency and coins in a cash register agrees with the amount shown on the cash register audit tape
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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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| show | a form that explains any deduction, other than a check, from a checking account
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| deposit in transit | show 🗑
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| deposit slip | show 🗑
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| dishonored (NSF) check | show 🗑
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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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| show | an electronic transfer of money from one account to another
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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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| negotiable | show 🗑
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| outstanding checks | show 🗑
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| payee | show 🗑
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| petty cash analysis sheet | show 🗑
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| petty cash fund | show 🗑
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| petty cash voucher | show 🗑
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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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| show | a fee charged by a bank to cover the costs of maintaining accounts and providing services
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| show | a form sent to a firm's customers showing transactions during the month and the balance owed
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| commission basis | show 🗑
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| show | see individual earnings record
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| employee | show 🗑
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| show | a form used to claim exemption (withholding) allowances
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| exempt employees | show 🗑
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| show | taxes levied by the federal government against employers to benefit unemployed workers
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| show | a method of paying employees according to a stated rate per hour
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| show | one who is paid by a company to carry out a specific task or job but is not under the direct supervision or control of the company
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| show | an employee record that contains information needed to compute earning and complete tax reports
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| Medicare tax | show 🗑
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| show | a record of payroll information for each employee for the pay period
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| show | a method of paying employees according to the number of units produced
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| salary basis | show 🗑
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| show | a federal act providing certain benefits for employees and their families; officially the Federal Insurance Contributions Act
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| social security (FICA) tax | show 🗑
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| state unemployment taxes | show 🗑
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| show | earnings in excess of the base amount set by the Social Security Act
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| show | rate of pay for an employee's work in excess of 40 hours a week
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| wage-bracket table method | show 🗑
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| show | insurance that protects employees against losses from job-related injuries or illnesses, or compensates their families if death occurs in the course of the employment
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| Employer's Annual Federal Unemployment Tax Return, Form 940 | show 🗑
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| Employer's Quarterly Federal Tax Return, Form 941 | show 🗑
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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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| show | a program that provides unemployment compensation through a tax levied on employers
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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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