Accounting I terms and definitions to know to prepare for FBLA
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| show | The ration of the money earned on an investment
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| Real property | show 🗑
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| Personal property | show 🗑
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| show | The value of an asset determined by tax authorities for the purpose of calculating taxes.
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| show | an accounting form on which a business records information about each plant asset
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| show | An increase in equity resulting from activity other than selling goods or services
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| show | An increase in equity that results when a plant asset is sold for more than book value
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| show | A decrease in equity resulting from activity other than selling goods or services
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| Loss on plant assets | show 🗑
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| Accelerated depreciation | show 🗑
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| Declining-balance method of depreciation | show 🗑
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| Double-declining balance method of depreciation | show 🗑
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| show | An asset that does not have physical substance.
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| Amortization | show 🗑
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| Payroll | show 🗑
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| Pay period | show 🗑
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| Payroll clerk | show 🗑
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| show | total amount of money earned by an employee in a pay period
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| show | fixed amount of money paid to an employee for each pay period
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| show | amount of money paid to an employee at a specified rate per hour worked
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| show | record of the time an employee arrives at work each time, the time the employee leaves, and the total number of hours worked each day
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| show | computer technology where each employee's time card has a magnetic strip on which is encoded certain employee information
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| piece rate | show 🗑
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| show | amount paid to an employee based on a percentage of the employee's salary
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| overtime rate | show 🗑
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| deduction | show 🗑
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| show | an allowance claimed by a tax-person that reduces the amount of taxes that must be paid
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| show | form that summarizes information about an employees' earnings for each pay period
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| show | amount of money left after all deductions are subtracted from gross earnings
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| direct deposit | show 🗑
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| show | where the individual payroll record for each employee is recorded
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| show | each employee's year to date gross earnings
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| show | based on a percentage of their employees' gross earnings and are collected to provide funds for workers who are temporarily out of work
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| federal tax deposit coupon | show 🗑
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| form 941 | show 🗑
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| form w-2 | show 🗑
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| form w-3 | show 🗑
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| show | an employer's annual unemployment tax return
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| internal controls | show 🗑
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| show | those controls provided outside the business (ex. verifying the accuracy of a signature)
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| checking account | show 🗑
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| check | show 🗑
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| show | person or business that has cash on deposit in a bank
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| signature card | show 🗑
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| deposit slip | show 🗑
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| endorsement | show 🗑
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| show | restricts or limits how a check may be handled
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| show | the person who signs a check
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| show | bank on which the check is written
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| show | writing the words void in large letters across the top of a check
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| show | itemized record of all the transactions occurring in a depositor's account over a given period, usually a month
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| canceled check | show 🗑
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| reconciling the bank statement | show 🗑
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| show | checks that have been written but not deposited
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| show | deposits that have been made and recorded in the checkbook but do not appear on the bank statement
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| show | fee charged by the bank for maintaining bank records and for processing bank statement items for the depositor
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| stop payment order | show 🗑
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| NSF check | show 🗑
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| show | enables banks to transfer funds from the account of one depositor to the account of another quickly and accurately without the immediate exchange of checks
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| merchandising business | show 🗑
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| retailer | show 🗑
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| show | business that sells to the retailer
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| merchandise | show 🗑
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| show | the items of merchandise the business has in stock
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| show | the sale of goods that will be paid for later
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| show | the customer to whom a sale on account is made
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| credit cards | show 🗑
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| sales slip | show 🗑
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| sales tax | show 🗑
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| credit terms | show 🗑
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| special journals | show 🗑
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| sales journal | show 🗑
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| show | separate ledger that contains accounts for all charge customers
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| subsidiary ledger | show 🗑
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| show | balance must equal the total of all the account balances in the subsidiary ledger
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| show | column total written in small pencil figures
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| show | Journal entries recorded to update general ledger accounts at the end of a fiscal period.
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| show | accounts used to accumulate information from one fiscal period to the next.
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| temporary accounts | show 🗑
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| closing entries | show 🗑
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| show | A trial balance prepared after the closing entries are posted
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| accounting cycle | show 🗑
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| show | individuals or groups who have an interest in and are affected by the actions of an organization
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| show | The percentage relationship between one financial statement item and the total that includes that item.
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| fiscal period | show 🗑
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| show | A columnar accounting form used to summarize the general ledger information needed to prepare financial statements
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| show | A proof of the equality of debits and credits in a general ledger.
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| adjustments | show 🗑
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| balance sheet | show 🗑
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| show | A financial statement showing the revenue and expenses for a fiscal period.
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| net income | show 🗑
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| net loss | show 🗑
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| show | A statement that guides the ethical behavior of a company and its employees.
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| checking account | show 🗑
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| show | A signature or stamp on the back of a check transferring ownership
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| show | An endorsement consisting only of the endorser's signature.
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| show | An endorsement indicating a new owner of a check.
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| restrictive endorsement | show 🗑
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| postdated check | show 🗑
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| show | A report of deposits, withdrawals, and bank balance sent to a depositor by a bank
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| show | A check that a bank refuses to pay.
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| electronic funds transfer | show 🗑
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| debit card | show 🗑
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| petty cash | show 🗑
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| petty cash slip | show 🗑
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| show | a group of accounts
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| general ledger | show 🗑
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| show | The number assigned to an account.
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| show | The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
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| opening an account | show 🗑
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| posting | show 🗑
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| journal | show 🗑
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| show | Recording transactions in a journal.
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| show | A journal amount column headed with an account title
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| general amount column | show 🗑
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| entry | show 🗑
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| double-entry accounting | show 🗑
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| show | A business paper from which information is obtained for a journal entry
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| show | a business form ordering a bank to pay cash from a bank account
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| show | A form describing the goods or services sold, the quantity, and the price
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| show | An invoice used as a source document for recording a sale on account
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| show | A business form giving written acknowledgement for cash received
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| memorandum | show 🗑
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| proving cash | show 🗑
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| T account | show 🗑
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| debit | show 🗑
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| credit | show 🗑
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| show | The side of the account that is increased.
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| chart of accounts (COA) | show 🗑
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| show | Planning, recording, analyzing, and interpreting financial information.
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| show | A planned process for providing financial information that will be useful to management.
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| show | Organized summaries of a business's financial activities.
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| service business | show 🗑
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| show | A business owned by one person.
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| show | Financial reports that summarize the financial condition and operations of a business.
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| asset | show 🗑
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| show | Financial rights to the assets of a business.
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| show | an amount owed by a business
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| owner's equity | show 🗑
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| show | An equation showing the relationship among assets, liabilities, and owner's equity,
Assets = Liabilities + Owner's Equity
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| show | the principles of right and wrong that guide an individual in making decisions
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| business ethics | show 🗑
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| show | A business activity that changes assets, liabilities, or owner's equity.
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| show | A record summarizing all the information pertaining to a single item in the accounting equation
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| account title | show 🗑
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| account balance | show 🗑
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| show | the account used to summarize the owner's equity in a business
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| revenue | show 🗑
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| sale on account | show 🗑
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a decrease in owner's equity resulting from the operation of a business
Expense
a decrease in owner's equity resulting from the operation of a business
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| show | Assets taken out of a business for the owner's personal use.
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| show | economic resources owned by a company that are expected to benefit future business periods.
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| account | show 🗑
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| show | during inflation _____ gives the highest net income (lowest cost of goods sold and highest merchandise available for sale)
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| LIFO | show 🗑
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| going concern | show 🗑
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| show | personal accounts of owner are separate from business
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| historical costs | show 🗑
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| debit balance | show 🗑
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| show | amount of supplies available during the period
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| show | wage payroll period marital status and allowances
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| info for employee's FICA | show 🗑
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| estimate of useful life is based on | show 🗑
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| show | revenue earned
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| total employee deductions | show 🗑
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| reversing accrued interest expense | show 🗑
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| employee social security | show 🗑
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| show | accounting entries based on facts
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| conservatism | show 🗑
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| time period | show 🗑
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| cost principle | show 🗑
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| consistency | show 🗑
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| show | report full information that gives full report
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| show | use GAAP principles when accounting
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| show | 940 form
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| show | W-3
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| show | W-4
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| show | W-2
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| The purchase of a delivery van for cash would __________ | show 🗑
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| show | Performing carpet cleaning services on account would increase
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| The collection of cash from a charge customer would | show 🗑
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| show | credit cash
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| FICA tax | show 🗑
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| on each journal page | show 🗑
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| show | 2
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| show | if sending check through email
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| even if a general account has a balance of zero, it is | show 🗑
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| show | is
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| lost check with blank endorsement can be cashed by | show 🗑
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| addition error | show 🗑
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| transposition slide error | show 🗑
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| Jan 31 of the next year | show 🗑
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| balance is written in the item column | show 🗑
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| show | shows the price deduction taken by a customer for a return and allowance
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| debit side | show 🗑
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| federal income tax is withheld in all but two states(t/f) | show 🗑
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| show | when it's written "pay to the order of" and the new check owner's name
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| adjusting entry usually reversed if its these accounts | show 🗑
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| general ledger account | show 🗑
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| show | employers must pay unemployment taxes
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| petty cash is a | show 🗑
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| show | which statement show financial strength
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| show | number on the balance sheet
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| show | reversing entry for accrued interest expense
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| show | income from interest gets debited and interest recieveable gets credited
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| interest earned but not received | show 🗑
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| if cash short and over has a debit balance it is | show 🗑
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| amount available during the fiscal period | show 🗑
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| beginning balance | show 🗑
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| where do you get info for closing entries? | show 🗑
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| stockholders equity | show 🗑
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| receipt | show 🗑
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| show | end of a fiscal period
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| quarterly | show 🗑
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| entry to establish petty cash | show 🗑
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| income summary | show 🗑
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| show | government prohibits it
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| FOB shipping point | show 🗑
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| show | source doc for buying on account
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