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Arkansas Accounting II - Unit 2 vocabulary

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Question
Answer
Accumulated earnings   show
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show reduces the amount of income tax to be witheld  
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show the merchandise a business has on hand at the beginning of a fiscal period  
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cash payments journal   show
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cash receipts   show
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show an amount paid to an employee based on a percentage of the employee's sales  
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show the price a business pays for goods it purchases to sell  
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show an amount that is subtracted from the employee's gross earnings  
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show the depositing of an employees's net pay directly into his/her personal bank account; usually made through electronic funds tansfer  
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EFT   show
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employee earnings record   show
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show the merchandise a business has on hand at the end of a fiscal period  
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show financial rights to the assets of a business  
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expense   show
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gross earnings   show
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gross profit on sales   show
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income statement   show
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net income   show
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show the difference between total revenue and total expenses when total expenses are greater  
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show the total earnings paid to an employee after payroll taxes and other deductions  
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show total purchases less purchases discount and purchases returns and allowances  
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show total sales less sales discount and sales returns and allowances  
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operating expenses   show
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show taxable income of a corporation  
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overtime rate   show
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show the period covered by a salary payment  
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payroll   show
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payroll register   show
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payroll taxes   show
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post-closing trial balance   show
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show a special journal used to record only purchases of merchandise on account  
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revenue   show
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salary   show
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sales journal   show
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source document   show
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statement of retained earnings   show
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show the maximum amount of earnings on which a tax is calculated  
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show an amount of money paid to an employee at a specified rate per hour worked  
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show a deduction from total earnings for each person legally supported by a taxpaper, including the employee  
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Created by: patflanigan
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