Glossary terms for the accounting comprehensive final
Help!
|
|
||||
|---|---|---|---|---|---|
| Account | show 🗑
|
||||
| show | the difference betweeen the total debits and the total credits in an account
🗑
|
||||
| show | one who is concerned with the desing of the system of records, the preparation of reports based upon the recorded data, and the interpretation of the reports
🗑
|
||||
| show | a language of business employed to communicate financial information based upon analysing, recording, classification, summarization, reporting, and interpretation of finacial data
🗑
|
||||
| Accounting Cycle | show 🗑
|
||||
| Accounting Equation | show 🗑
|
||||
| show | an unwritten promise to pay creditors for property such as merchandise, supplies or equipment purchased on credit, or for services recieved on credit
🗑
|
||||
| show | an unwritten promise by a customer to pay at a later date for goods sold or services rendered
🗑
|
||||
| AccountsReceivable Turnover | show 🗑
|
||||
| show | net credit sales devided by Average Accounts Receivagble
🗑
|
||||
| Accrual Accounting | show 🗑
|
||||
| show | an expense incurred in operatinga business during an accounting period but not yet paid
🗑
|
||||
| Accrued Income | show 🗑
|
||||
| show | quick assets divided by current liabilities
🗑
|
||||
| Activity Anaysis | show 🗑
|
||||
| show | a trial balance taken after adjusting entries have been recorded
🗑
|
||||
| show | entries made at the conclusion of a fiscal period to bring accounts up to date
🗑
|
||||
| Age of Accounts Receivable | show 🗑
|
||||
| Age of Inventory | show 🗑
|
||||
| Allowance for Doubtful Accounts (allowance for Bad Debts) | show 🗑
|
||||
| Analyzing | show 🗑
|
||||
| show | property of monetary value owned by a business
🗑
|
||||
| show | accounts receivable that are uncollectible
🗑
|
||||
| show | a formal finacial statement illustrating the assets, liabilities, and owner's equity of a business as of a specific date
🗑
|
||||
| Bank Draft | show 🗑
|
||||
| show | th eprocess by which the depositer verifies agreement between his chebook balance and the bank statement balance
🗑
|
||||
| show | an itemized listing prepared by the bank of additions to and sbutractions from a depositor's account
🗑
|
||||
| show | a check that has been paid by the ank and returned to the dawer for recordkeeping
🗑
|
||||
| Capital | show 🗑
|
||||
| show | coins, currency, checks
🗑
|
||||
| Cash Discounts | show 🗑
|
||||
| show | a book of original entry in which only cash disbursements are recorded
🗑
|
||||
| Cash Receipts Journal | show 🗑
|
||||
| Cashires Check | show 🗑
|
||||
| Certified Check | show 🗑
|
||||
| show | a list of all the acount titles and the account numbers assinged to them
🗑
|
||||
| Check | show 🗑
|
||||
| Chect stub | show 🗑
|
||||
| show | in accounting, to record in order of time
🗑
|
||||
| show | the sorting of the many business transactions in a norderly and systematic manner
🗑
|
||||
| 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
🗑
|
||||
| Combination Journal | show 🗑
|
||||
| show | an accounting entry that involves more than two accounts
🗑
|
||||
| Contra Account | show 🗑
|
||||
| show |
🗑
|
||||
| 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
🗑
|
||||
| Credit Memorandum | show 🗑
|
||||
| show | a business or individual to whom a debt is owed
🗑
|
||||
| Cross Referencing | show 🗑
|
||||
| show | cash or other assets that will be converted into cash or consumed within one year
🗑
|
||||
| show | current assets divided by current liabiliies
🗑
|
||||
| show | debts of a business that are gerally paid within one year
🗑
|
||||
| Current Ratio | show 🗑
|
||||
| Debit (Dr) | show 🗑
|
||||
| Debit balance | show 🗑
|
||||
| Debit Memorandum | show 🗑
|
||||
| Debtor | show 🗑
|
||||
| show | deposits that have been made and aded to depositor's checkbook, but which have not yet been listed on the bank statement
🗑
|
||||
| show | a bank for m which lists thos cash items and individual checks to be deposited
🗑
|
||||
| show | th eloss in value of a fixed asset due to wear and tear and the passage of time
🗑
|
||||
| show | that protion of the original cost of a fixed asset that is assinged as an expense to the reporting perid expercted to benefit from its use
🗑
|
||||
| Disbursement | show 🗑
|
||||
| show | a apecific number of days during which a discount is available if the account is paid
🗑
|
||||
| show | a check not paid by the bank when prperly presented
🗑
|
||||
| show | a process of recording equal debits and credits for a single business transaction
🗑
|
||||
| Drawee | show 🗑
|
||||
| Drawer | show 🗑
|
||||
| Drawing account | show 🗑
|
||||
| show | one who is under the control and direction of an employer with regard to the performance of employment
🗑
|
||||
| show | th esignature of the payee or other holder placed on the back of a check or other negotiable instrument
🗑
|
||||
| show | a person or company whose name is written on the back of a cheak
🗑
|
||||
| Expense | show 🗑
|
||||
| show | the principal sum the maker of a note promises to pay
🗑
|
||||
| show | the amount that an employer must witholdfrom an employee's pay for income tax purposes
🗑
|
||||
| Federal Insurance Contributions Act | show 🗑
|
||||
| Federal Unemployment Tax Act | show 🗑
|
||||
| show | Federal Unemployment Tax Act
🗑
|
||||
| Genral journal | show 🗑
|
||||
| General Ledger | show 🗑
|
||||
| Gross Earnings/Gross Pay | show 🗑
|
||||
| Gross Profit/Gross Margin | show 🗑
|
||||
| Gross PRofit Percentage | show 🗑
|
||||
| show | a condition in which the total of the debits and the total of the credits are equal in an account
🗑
|
||||
| show | an inflow of assets as a result of selling a prodct or provding a servie
🗑
|
||||
| INcome Statement Commmon-Size Statements/Percentage Method | show 🗑
|
||||
| show | record the income statement data for two or more Comparable periods of the same form so that the infomration can be readily compared
🗑
|
||||
| show | a formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period
🗑
|
||||
| show | a tax levied on the earnings of individuals and businesses by federal, state, and local governments
🗑
|
||||
| Independent Contractor | show 🗑
|
||||
| show | "bookkeeper"
🗑
|
||||
| show | those assets that cannot be touched or grasped
🗑
|
||||
| show | money paid for the use of money
🗑
|
||||
| show | explaining th esignificant events or developments that occur, usually taking the form a analysis and comparisons
🗑
|
||||
| show | the number of times the avera inventory has been sold or used up during a period
🗑
|
||||
| show | a source document showing quantity, description, prices of items, total amount of purchase and the terms of payment
🗑
|
||||
| show | the process of recording business transactions in a journal
🗑
|
||||
| Ledger | show 🗑
|
||||
| show | any debts that a business owes
🗑
|
||||
| Liquidity Analysis | show 🗑
|
||||
| Long-Term Assets | show 🗑
|
||||
| Maker | show 🗑
|
||||
| Maturity date | show 🗑
|
||||
| show | goods purchased for resale at a profit
🗑
|
||||
| Mortgage Payable | show 🗑
|
||||
| show | Not sufficient funds
🗑
|
||||
| Net income | show 🗑
|
||||
| Net loss | show 🗑
|
||||
| Net pay | show 🗑
|
||||
| show | purchases minus purchse returns and allowances minus purchase discounts
🗑
|
||||
| Net sales | show 🗑
|
||||
| Net worth | show 🗑
|
||||
| Not payable | show 🗑
|
||||
| Note receivable | show 🗑
|
||||
| Operateing Expenses | show 🗑
|
||||
| show | Income statement
🗑
|
||||
| Original cost basis | show 🗑
|
||||
| show | expenses incureed that are not the direct result of regular trading activities of a business
🗑
|
||||
| Other Income | show 🗑
|
||||
| show | checks that have been drawn and subtracted from the depositor's checkbook but which have not yet been presented to the bank for payment
🗑
|
||||
| over draft | show 🗑
|
||||
| Owner's Equity | show 🗑
|
||||
| Payee | show 🗑
|
||||
| show | a fund of currency and coin established for the payment of small amounts of money
🗑
|
||||
| Petty Cash voucher | show 🗑
|
||||
| Post-closing Trial Balance | show 🗑
|
||||
| Postdated Check | show 🗑
|
||||
| show | thransferal of data from the journal to the ledger
🗑
|
||||
| show | items that are soncidered to be assets when acquired, but which will become expenses when sonsumed or expired
🗑
|
||||
| Pricipal | show 🗑
|
||||
| Profit Margin | show 🗑
|
||||
| show | provides evidence concerning the earnings potential of a company and how effectively the firm is being managed
🗑
|
||||
| Promissory note | show 🗑
|
||||
| Proving the Journal | show 🗑
|
||||
| Proving Cash | show 🗑
|
||||
| Purchase Invoice | show 🗑
|
||||
| show | a written order by a buyer for mercandise or other property specified in the purchase reuisition
🗑
|
||||
| Purchase Requisition | show 🗑
|
||||
| show | a temporary owner's equity account used to record the buying of merchandise for resale
🗑
|
||||
| Purchases Discount | show 🗑
|
||||
| Purchases journal | show 🗑
|
||||
| Purchases Returns and allowances | show 🗑
|
||||
| Quarterly | show 🗑
|
||||
| Quick Assets | show 🗑
|
||||
| show | the annual precentage rate used to compute interes
🗑
|
||||
| show | the committing of business transaction and the events surrounding such into wrigin
🗑
|
||||
| show | an enorsement that limits the use of unds to the purpose stated
🗑
|
||||
| show | a tax imposed on tanigible personal property sold at retail
🗑
|
||||
| show | genrally considered to be compensation formanagerial or admisistrative services, experessed in terms of a month or yhear
🗑
|
||||
| show | a temporary owner's equity account used to record the earning of revenue
🗑
|
||||
| show | temporary owner's equit contra account uded to record dicounts given to customers as an incentive for promt payment
🗑
|
||||
| show | a source document prepared by the seller that lists the itmes shipped thei rcost and the meothod of shipment
🗑
|
||||
| show | a book of original entry used for the recordin of sales of merchandise on credit only
🗑
|
||||
| show | a temporary equity conra account used to record credit given to a customer for shortages or damaged goods
🗑
|
||||
| show | extimated value of a fixed asset at the endo fits useful life
🗑
|
||||
| Source Document | show 🗑
|
||||
| show | a special journal designed to accumulate data about only one kind of business trasaction
🗑
|
||||
| show | a report sent to each customer, usually at the end of themonth, which indicates th s
🗑
|
||||
| Statement of Financial Condition | show 🗑
|
||||
| Statement of Owner's Equity | show 🗑
|
||||
| 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
🗑
|
||||
| show | an order by a depositor requesting a bank not to pay on a check previously issued
🗑
|
||||
| Summarizing | show 🗑
|
||||
| Supplies | show 🗑
|
||||
| T-account | show 🗑
|
||||
| show | the amount of pay after deductions have been subtracted
🗑
|
||||
| Tangible assets | show 🗑
|
||||
| Temporary Owner's Equity Accounts | show 🗑
|
||||
| Time/term of NOte | show 🗑
|
||||
| show | the effect of transactions on the accounting elements
🗑
|
||||
| Transaction | show 🗑
|
||||
| Transposition Error | show 🗑
|
||||
| show | a work paper proving the equality of the debit and credit balances in the ledger
🗑
|
||||
| U.C.F. | show 🗑
|
||||
| show | estimated life of a fixed asset
🗑
|
||||
| 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
🗑
|
||||
| show | employee' Wiholding Allowance Certificate
🗑
|
||||
| Wage | show 🗑
|
||||
| show | expanded trial balance utilized for computing, classifying, and sorting account balances before preparing the formal finalncial statements
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
Hocker
Popular Accounting sets