Glossary terms for the accounting comprehensive final
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| Account | show 🗑
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| show | the difference betweeen the total debits and the total credits in an account
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| Accountant | show 🗑
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| show | a language of business employed to communicate financial information based upon analysing, recording, classification, summarization, reporting, and interpretation of finacial data
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| show | the process involved in journalizing, posting to the ledger, taking a trial balance, preparing statements, making adjusting and closing entries, and preparing a post-closing trial balance, which is repeated each fiscal period
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| Accounting Equation | show 🗑
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| Account Payable | show 🗑
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| show | an unwritten promise by a customer to pay at a later date for goods sold or services rendered
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| AccountsReceivable Turnover | show 🗑
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| show | net credit sales devided by Average Accounts Receivagble
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| Accrual Accounting | show 🗑
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| Accrued Expense | show 🗑
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| Accrued Income | show 🗑
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| show | quick assets divided by current liabilities
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| show | measures how efficiently a firm is utilizing its assets
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| Adjused Trial Balance | show 🗑
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| show | entries made at the conclusion of a fiscal period to bring accounts up to date
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| show | measures the average time requiered to collect recievables (365 days divided by Accounts receivable Turnover)
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| Age of Inventory | show 🗑
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| Allowance for Doubtful Accounts (allowance for Bad Debts) | show 🗑
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| Analyzing | show 🗑
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| show | property of monetary value owned by a business
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| Bad Debts Expense | show 🗑
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| Balance Sheet | show 🗑
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| show | a check drawn by one bak on another bank in which it has funds on deposit
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| Bank Statement Reonciliation | show 🗑
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| show | an itemized listing prepared by the bank of additions to and sbutractions from a depositor's account
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| show | a check that has been paid by the ank and returned to the dawer for recordkeeping
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| show | the amount by which the total assets exceed the total liabilities of a business
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| Cash | show 🗑
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| show | discounts from quoted pricesas an inducement for promt payment of invoices
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| show | a book of original entry in which only cash disbursements are recorded
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| Cash Receipts Journal | show 🗑
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| Cashires Check | show 🗑
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| Certified Check | show 🗑
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| show | a piece of commercial paper drawn on funds in a bank account and payable on demand
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| show | a form on which information is recorded by the drawer of a check concerning the check drawn
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| Chronological | show 🗑
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| show | the sorting of the many business transactions in a norderly and systematic manner
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| show | entries made at the end of each reporting period to transfer the balances of the temporary owner's equity accounts to the permanent ower's equity account
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| show | a book of original enry which combines into one journal the features of the two-column general journal and a special journal
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| Compound Journal Entry | show 🗑
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| show | an account desgned to accumulate totals to offset a realated account
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| show | a condidion that occurs when the total of the credits in an account is larger than the total of he debits in that account
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| show | a source doucment that granst credit to a buyer for purchase return or purchase allowance
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| Creditor | show 🗑
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| show | a process of entering the journal page number in the ledger and the ledger account number in the journal
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| Current Assets | show 🗑
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| Current Asset Ratio | show 🗑
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| show | debts of a business that are gerally paid within one year
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| show | Current assets divided by current liabilities
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| show | the left side of a standard acount
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| show | a condition that occurs when the total of the debits in an account is larger than the total of the credits in that account
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| Debit Memorandum | show 🗑
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| Debtor | show 🗑
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| Deposits in Transi | show 🗑
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| Deposit Ticket/Slip | show 🗑
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| show | th eloss in value of a fixed asset due to wear and tear and the passage of time
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| Depreication Expense | show 🗑
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| show | a payment
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| Discount Period | show 🗑
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| Dishonored Check | show 🗑
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| show | a process of recording equal debits and credits for a single business transaction
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| Drawee | show 🗑
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| show | a person (depositor) who sings a check, ordering a payment to be made
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| Drawing account | show 🗑
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| Employee | show 🗑
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| Endorsement | show 🗑
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| Endorser | show 🗑
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| Expense | show 🗑
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| Face of Note | show 🗑
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| show | the amount that an employer must witholdfrom an employee's pay for income tax purposes
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| show | a federal act wich requires most employers and emploees to pay taxes to support the Federal Social security program
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| show | a federal act imposed upon each employer for the purpose of financing the administratin costs of the federal and the state unemployment compensation programs
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| F.I.C.A. | show 🗑
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| show | a book of original entry in which business transactions are recorded in chronological order
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| show | the book of accounts
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| Gross Earnings/Gross Pay | show 🗑
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| Gross Profit/Gross Margin | show 🗑
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| Gross PRofit Percentage | show 🗑
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| show | a condition in which the total of the debits and the total of the credits are equal in an account
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| Income/Revenue | show 🗑
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| INcome Statement Commmon-Size Statements/Percentage Method | show 🗑
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| Income Statement Comparative Forms | show 🗑
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| show | a formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period
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| show | a tax levied on the earnings of individuals and businesses by federal, state, and local governments
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| Independent Contractor | show 🗑
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| Information Processor | show 🗑
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| Intangible assets | show 🗑
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| Interest | show 🗑
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| Inerpreting | show 🗑
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| Inventory Turnover | show 🗑
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| show | a source document showing quantity, description, prices of items, total amount of purchase and the terms of payment
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| Journalizing | show 🗑
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| show | a book of accounts
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| show | any debts that a business owes
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| Liquidity Analysis | show 🗑
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| show | Fixed assets
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| show | an individual who promises to pay on a promissory not
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| Maturity date | show 🗑
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| Merchandise | show 🗑
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| show | a long-term liability; written prmoise that pledges rea property as security for payment of a debt
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| show | Not sufficient funds
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| Net income | show 🗑
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| Net loss | show 🗑
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| show | gross pay less paroll deductions
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| Net purchases | show 🗑
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| Net sales | show 🗑
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| show | capital
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| Not payable | show 🗑
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| show | a written prmise of a cusomter to pay the business a sum of mone at a future date
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| show | expenses in curred in the nomral operation of a business
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| show | Income statement
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| Original cost basis | show 🗑
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| show | expenses incureed that are not the direct result of regular trading activities of a business
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| Other Income | show 🗑
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| Outstanding Checks | show 🗑
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| over draft | show 🗑
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| show | the amount by which the total assets exceed the total liabilities of a busness
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| Payee | show 🗑
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| show | a fund of currency and coin established for the payment of small amounts of money
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| show | a form used to reflect payments from the petty cash fund
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| show | a work paper prepared after all the woner's temporary equity accounts have been closed and all permanent accounts have been baanced and ruled proving the equality of the debits and credits
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| Postdated Check | show 🗑
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| Posting | show 🗑
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| show | items that are soncidered to be assets when acquired, but which will become expenses when sonsumed or expired
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| Pricipal | show 🗑
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| show | net income divided by net sales
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| Profitability Analysis | show 🗑
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| show | written order by a buyer for erchandise or other property sepcified in the purshase requisition
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| show | a process wich examines each page of a journal, confirming that the debit entries equal the credit entries on each page
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| show | the process of detemining wheterh the amount of cahs, both on hand and in the bank, is the same as the which is indicated in the accounting records
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| show | a source document prepared by the seller lising the items shipped, their cost and the method of shipment
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| Purchase Order | show 🗑
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| Purchase Requisition | show 🗑
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| Purchases | show 🗑
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| show | a temporary owner's equity conra acount used to record diiscounts taken on inventory purchases; the amount of any disounts granted by suppliers to enourage prompt payment of their invoices
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| Purchases journal | show 🗑
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| Purchases Returns and allowances | show 🗑
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| Quarterly | show 🗑
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| show | cash, marketable securities, accounts, and notes receivable
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| Rate | show 🗑
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| Recording | show 🗑
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| Resricitve ednorsement | show 🗑
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| Retail Sales Tax | show 🗑
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| show | genrally considered to be compensation formanagerial or admisistrative services, experessed in terms of a month or yhear
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| show | a temporary owner's equity account used to record the earning of revenue
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| show | temporary owner's equit contra account uded to record dicounts given to customers as an incentive for promt payment
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| show | a source document prepared by the seller that lists the itmes shipped thei rcost and the meothod of shipment
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| Sales Returns and Alowances | show 🗑
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| Alvage Value | show 🗑
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| show | first record of a business transaction
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| show | a special journal designed to accumulate data about only one kind of business trasaction
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| Staement of account | show 🗑
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| show | Balance sheet
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| show | a formal financial statement which summarizes all of the changes in owner's equity during a specified period of time
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| show | method in which the depreiciable cost basis of an asset is apportioned equally over its estimated useful life expressed in terms of months or years
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| show | an order by a depositor requesting a bank not to pay on a check previously issued
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| Summarizing | show 🗑
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| show | a type of asset hat will be consumed as it is used
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| show | a skeleton form of an account used for instrutional puposed
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| tak home pay | show 🗑
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| Tangible assets | show 🗑
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| show | accounts utilized to accumulate income, expenses and owner's wih rawals for one accounting period only
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| show | period of itme from the date of the note to thematurity date
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| show | the effect of transactions on the accounting elements
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| Transaction | show 🗑
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| show | an amount writen with the diits in incorrect order
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| show | a work paper proving the equality of the debit and credit balances in the ledger
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| U.C.F. | show 🗑
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| Useful Life | show 🗑
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| show | wage and tax staement; report furnished by the employer for each employee indicating gross earnings and deuctions fo rincome and F.I.C.A. taxes
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| show | employee' Wiholding Allowance Certificate
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| Wage | show 🗑
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| show | expanded trial balance utilized for computing, classifying, and sorting account balances before preparing the formal finalncial statements
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