Compend - Accounting

Basic accounting theory is based on

Group of accounts you debit when increased

Group of accounts you credit to increase are

Funeral director buys a casket coach on credit, he would

Payment of rent by cash is recorded

Purchase of office supplies on credit is recorded by

A ledger is a book of

Entry on debit side of liability account indicates account has been

Entry made on debit side of proprietorship account indicates account has been

Entry made on debit side of expense account indicates account has been

Beginning balance in supplies account is $600. During month an additional $800 worth of supplies were purchased. At end of month, inventory of supplies found only $300 remained on hand. What would be the amount of adjusting entry for supplies account?

Entry made on debit side of asset account indicates account has been

Things of value owned by business are

Accounting year ending on some date other than December 31st is

A person to whom a debt is owed is called

Plant asset was purchased by funeral home costing $8,000. It has useful life of 3 years and salvage value of $2,000. Using straight-line method of depreciation, what would be yearly amount of depreciation?

Does not appear on balance sheet

Liabilities are all things funeral director

Profit and Loss Statement can be prepared

Entry on credit side of revenue account indicates account has been

When cash is spent in acquisition of an asset the net worth of a business is

Process of recording information in ledger is

Accounts Receivable is

Another term for Profit and Loss Statement

Amount of revenue from sale of funeral services would be shown on

Right side of standard account is

Totaling of column in journal or ledger account

Advertising expense would be reflected on

Accounts payable account would be shown on

Group of accounts constitutes

If total of operating expenses section of income statement is smaller than total of income section, the difference is

Expense means

Account used to assist accountant in adjusting entry involving depreciation

Difference between the two sides of account is

Title of account which would normally have credit balance

Increase in proprietorship as result of business transaction

List of accounts that shows the arrangement of accounts in ledger

Double entry bookkeeping means entry is made

Proprietorship of a business may be increased by

Proprietorship of business may be decreased by

To establish a petty cash fund

Abbreviation for "debit"

Abbreviation for "credit"

Person who signs check or draft ordering payment to be made

Person or concern, usually bank, that has been ordered to make payment on check or draft

Person or company who will receive payment on promissory note, check, draft or money order

F.I.C.A. refers to

Property of relatively permanent nature used in operation of business and not intended for resale

Debts that are not due and payable within year

Difference between cost of goods sold and their selling price

Excess of current assets over current liabilities

Written promise of customer to pay business a sum of money at future date

Does not qualify as current asset

Synonym for fair wear and tear of durable asset

Language of business employed to communicate financial information based upon recording, classification, summarization, and interpretation of financial data

Assets = Liabilities + Owner's Equity

Increase in net worth due to excess of income over costs and expenses

Money paid for use of money

Difference between net sales and cost of goods sold

Goods purchased for resale at profit

Disbursement

Closing entry to close the revenue account

Income received but not yet earned

Paper showing quantity, description, prices of items, total amount of purchase, and terms of payment

One who has made sale

Estimate of revenue and probable expense for given period of time

Person or business concern to whom shipment is made

Distribution of profits of corporation to its stockholders as declared by board of director

Person who orders bank to make payment of financial instrument is properly termed

Sole owner of business

Fund of currency and coin established for payment of small amounts of money

Difference between total sales and sales returns and allowances

Amount added to cost of article to determine selling price of that article

Total, written in small pencil figures, under last entry in column

Double line under last entry on T-account means

Increases in owner's equity resulting from business operations

Portion of plant assets original cost that cannot be depreciated

Decrease in net worth due to excess of costs and expenses over income

Merchandise that business keeps on hand for sale

Difference between total assets and total liabilities

Holder or person owning stock in corporation

At the end of month, funeral home's assets totaled $50,000; liabilities totaled $20,000; revenue for month totaled $6,000; and total expenses amounted to $4,000. What is owner's equity and net income

Basic accounting theory is based on

Acronym REID is used when

Period of time required to purchase goods and services and turn them back into cash

Ledger is book of

Entry on debit side of owners equity indicates the account has been

Entry on credit side of expense account indicates account has been

Book of original entry is in

Debts one owes

Things one owns

Sales minus cost of goods sold equals

Amount of depreciation taken during current fiscal year is properly termed

Decrease in value of fixed asset

Process of recording information in ledger

Primary purpose of business

Only time debit side of revenue account is used is when you make

When cash is spent in acquisition of asset the impact on accounting equation is

Entry on credit side of liability account indicates the account has been

Accounts payable

Goodwill is classified as

Another name for Profit and Loss Statement

Amount of income from sale of funeral services would be shown on ____ formal financial statement

Left side of standard account

Income earned but not received

Totaling of cloumn of journal or ledger

Cost of operating business

Working capital is measure of

Debit side of T-account

Book in which daily transactions of business are first written

Credit side of T-account

Decrease in owners equity resulting from business transaction

Increase to which of accounts will increase owner's equity

Term used synonymously with operating expenses

Accounts receivable are examples of

Checks returned to depositor that have been paid by bank

Check that has been issued but not presented for payment to bank

Accounts receivable which are uncollectable

Ledger must contain

Loan from bank secured by property

Salary expense is considered

Posting

When delivery revenue is earned on account, which accounts increase and decrease

Special fund for use in disbursing small sums of money

Journal designed for recording particular type of transaction

If funeral home sells funeral service on 30 day account, the entry to record transaction

If funeral director receives payment from client who had purchased service on 30 day account, he would make what entries in his journal

If funeral director purchases caskets from casket manufacturer on 30 day account, he would record transaction how

Funeral car is purchased by funeral home from $30,000. The vehicle will be used for five years then replaced. If estimated salvage value will be $5,000, what will be amount of yearly depreciation using straightline method of depreciation for computation?

David O'Dell is paid salary of $1,850 per month; also time and 1/2 for all hrs worked in excess of 40 hrs per week. Mr. O'Dell worked 62 hrs last week, his gross earnings for period are

John Smith paid $5.00 per hr, also paid time and 1/2 for hrs worked past 40 hrs week. Worked total 60 hrs. If FICA tax is 6%, and withholding tax is 10%, what is take-home pay for week?

Liability accounts are identified by account title followed by word

Expenses are listed on which reports

Report that shows financial condition of business at point in time

Accounting equation may be stated as

When you recognize revenue when it is earned, and expenses when they are incurred you are operating under the

The account that provides a current or future benefit to the business is properly termed

Methods of depreciation that allow the business to recover the cost early in life of the asset include

General journal

Purchases journal

Cash recipts journals

Sales journal

Cash payments journals

Current asset

Current liability

Fixed asset

Fixed liability

Proprietorship

Balance sheet

Trial balance

Owners equity

Assets

Liabilities

Journal

Ledger

Posting

Income statement

Balance sheet

Assets

Liabilities

Owners equity

Accounts payable

Accounts receivable

Sales

Ledger

Journal

Purchases

Principal

Debit

Credit

Current ratio

Notes payable

Notes receivable

Cost

Supplies

Bad debts

Cash receipts

Current liabilities

Maker

Creditor

Corporation

Proprietorship

Merchandising business

Transaction

Trial balance

Balance sheet

Source document

Income statement

Income

Drawer

Expense

Consignor

Chronological

Cash

Capital

Bookkeeping

Current assets

Closing entries

Check

Charter

Bank statement

Accrual accounting

Certified Public Accountant

Investment

Mortgage payable

Posting reference

Negotible instrument

Net working capital

Accrued Income

Sales Discount

Statement of account

Allowance for depreciation

Sales Returns and Allowances

Drawing Account

Promissory Note

Valuation Account

Allowance for Doubtful Accounts

Purchase returns and Allowances

Retail Sales Tax

Income tax

Insurance policy

Insurance premium

Stock certificate

Current asset

Current liability

Proprietorship

Fixed liability

Fixed asset

Balance sheet

Trial balance

Assets

Liabilities

Proprietorship

Fixed liability

Debtor

Current liability

Creditor

Purchases journal

Sales journal

Cash recipts journal

Cash payments journal

Gengeral journal

Tangible asset

Intangible asset

Cash asset

Current asset

Fixed asset

Check stub

Drawer

Payee

Canceled

Outstanding

Fiscal period

Fiscal year

Compound entry

Withdrawals

Terms

C.P.A.

C.O.D.

C.I.F.

C.B.D.

F.O.B.

Interest

Mark up

Fixed asset

Partnership

Corporation

Book value

Invoice

Check register

Certified check

Cashier's check

Restrictive endorsement

Blank endorsement

Endorsement in full

Deferred

Disbursement

Acid test ratio

Inventory turnover

Long-lived asset ratio

Current asset ratio

Total asset ratio