Accounting

Basic accounting theory is based on

the group of accounts which you debit when increased are

the group of accounts which you credit to increase are

when a funeral director buys a casket coach on credit, he would

the payment of rent by cash is recorded

purchase of office supplies on credit is recorded by

A ledger is a book of

an entry on the debit side of a liability account indicated the accounts has been

an entry made on the debit side of the proprietorship account indicates that the account has been

an entry made on the debit side of an expense accounts indicates that the account has been

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

an entry made on the debit side of an asset account indicates that account has been

the things of value owned by a business are

an accounting year ending on some date other than December 31st is called

a person to whom a debt is owed is called a

a plant asset was purchased by the funeral home costing $8000. It has a useful life of 3 years and a salvage value of 2000. Using the straight-line method of depreciation, what would be the yearly amount of depreciation

what does not appear on the balance sheet

Liabilities are all things a funeral director

A Profit and Loss Statement can be prepared

an entry on the credit side of a revenue account indicates the account has been

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

the process of recording information in the ledger is called

Accounts Receivable is what type of account

Another term for Profit and Loss Statement is

the amount of revenue from the sale of funeral services would be shown on the

the right side of a standard account is called

the totaling of a column in  journal or ledger account is called

Advertising expense would be reflected on the

the accounts payable account would be shown on the

a group of accounts constitutes as a

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

Expense means a

what accounts would be used to assist the accountant in an adjusting entry involving depreciation

the difference btw the two sides of an account is called the

the title of an account which would normally have a credit balance is

an increase in proprietorship as the result of a business transaction is a(n)

a list of accounts that shows the arrangement of the accounts in he ledger is called

double entry bookkeeping means an entry is made

the proprietorship of a business may be increased by

The Proprietorship of a business may be decreased by

to establish a petty cash fund, one would

the abbreviation for "debit" is

the abbreviation for "credit" is

a person who signs a check or draft ordering payment to be made is called the

a person or concern, usually a bank, that has been ordered to make payment on a check or draft is called the

a person or company who will receive payment on a promissory note, check, draft or money order is called the

F.I.C.A. refers to

property of a relatively permanent nature used in the operation of a business and not intended for resale is called

debts that are not due and payable w/i a year are called

the difference btwn cost of goods sold and their selling price is called

the excess of current assets over current liabilities is called

a written promise of a customer to pay the business a sum of money at a future date is called a(n)

what does not qualify as a current asset

a synonym for fair wear and tear of a durable asset is

a language of business employed to communicate financial information base upon the recording, classification, summarization, and interpretation of financial data is called

Assets = Liabilities + Owner's Equity is the

the increase in net worth due to the excess of income over costs and expenses is called

money paid for the use of money is called

the difference btwn net sales and cost of goods sold

goods purchase for resale at profit

a disbursement is a

what would be the closing entry to close the revenue account

income received but not yet earned is

a paper showing quantity, description, prices of items, ttl amount of purchase, and terms of payment is a(n)

one who has made a sale is called a(n)

an estimate of revenue and probable expense for a given period of time is a

the person or business concern to whom a shipment is made is a

a distribution of profits of a corporation to its stockholders as declared by the board of directors is

the person who orders the bank to make payment of a financial instrument is properly termed a/an

the sole owner of a business is a

a fund of currency and coin established for the payment of small amounts of money is

the difference btwn ttl sales and sales returns and allowances is

the amount added to the cost of an article to determine the selling price of that article is the

a ttl, written in small pencil figures, under the last entry in a column is the

a double line under the last entry on a T-account means

increases in the owner's equity resulting from business operations is known as

that portion of a plant assets original cost that cannot be depreciated is called

a decrease in net worth due to excess of cost and expenses over income is

the merchandise that a business keeps on hand for sale is the

which of the following represents the difference btwn the ttl assets and the ttl liabilities 

1) owner's equity 
2) fixed assets
3)net income
4)supplies

the holder or person owning stock in a corporation is the

at the end of the month, a funeral home's assets ttl 50,000; the liabilities ttl 20,000; revenue for the month ttl 6,000; and the ttl of the expenses amounted to 4,000. which of the following statements is true

1) owner's equity = 70,000
2) owner's equity = 30,000
3) net income = 2,000
4)net loss = <2,000>

the basic accounting theory is based on

the acronym REID is used when

the period of time required to purchase goods and services and turn them back into cash is called

a ledger is a book of

an entry on the debit side of the owners equity indicates that the account has been

an entry on the credit side of an expense account indicates the account has been

the book of original entry is in

the debts ones owes are

the things one owns are

sales minus cost of goods sold equals

the amount of depreciation taken during the current fiscal yr is properly termed

the decrease in value of a fixed asset is called

the process of recording information in the ledger is called

the primary purpose of business is

the only time the debit side of the revenue account is used is when you make

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

an entry on the credit side of a liability account indicates that the account has been

accounts payable is a/an

goodwill is classified as a/an

another name for Profit and Loss Statement is

the amount of income from the sale of funeral services would be shown on which formal financial statement

the left side of a standard account is called the

income earned but not received is called

the ttling of a column of a journal or ledger is called

the cost of operating a business is called

working capital is a measure of

the debit side of the T-account is the

a book in which the daily transactions of a business are first written is the

the credit side of the T-account is the

a decreased in owners equity resulting from a business transaction is a/an

an increase to which of the accounts will increase owner's equity

a term which is used synonymously with operating expenses is

accounts receivable are examples of

checks returned to the depositor that have been paid by the bank are

a check that has been issued but not presented for payment to a bank is called a

accounts receivable which are uncollectable are

a ledger must contain

a loan from a bank secured by property is

salary expense is considered to be

posting is a/an

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

a special fund for use in disbursing small sums of money is called a/an

a journal designed for recording a particular type of transaction is known as a/an

if a funeral home sells a funeral service on a 30 day account, the entry to record the transaction would be to

if a funeral director receives payment from a client who had purchased a service on a 30 day account, he would make which of the following entries in his journal

if a funeral director purchases caskets from a casket manufacturer on a 30 day account, he would record the transaction as follows

a funeral car is purchased by a funeral home for 30k. the vehicle will be used for five years and then replace. if the estimated salvage value will be 5k, what will be the amount of yearly depreciation using the straight-line method of depreciation for computation

david O'Dell is an employee of Mid-Cities Embalming Service and is paid a salary of 1,850 per month. he is also paid time and a half for all hours worked in excess of forty hours per week, his gross earnings for the period would be

john smith is employed at a local funeral home and is paid on an hourly rate per hour. he is also paid time and a half for any hours worked in excess of 40 hrs per week. for the current pay period, he worked a ttl of 60% hrs. if his FICA tax is 6%, and his withholding tax is 10%, what is his take-home pay for the week

liability accounts are identified by the account title following by the word

expenses are listed on which of the following reports

the report that shows the financial condition of the business at a point in time is called the

the 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

used for recording sale of merchandise on credit

used for all types of business transactions

used to record the buying of merchandise on credit

used to record the receipt of cash

used to record the paying of cash

accounts payable is

accounts receivable is

capital is

mortgage payable is

funeral coach is

difference btwn assets and liabilities are

statement of financial condition

things of value owned by a business

check of equality of debits and credits

recording information in a ledger

a book of accounts

book of original entry

statement of assets, liabilities, and owners equity at a specific date

statement of income, expenses, and net income or net loss for a period of time

unwritten promises of a business to pay creditors

unwritten promises by customers to the business pay at a later date

any debt that a business owes

properties of monetary value owned by a business

an owners financial interest in a business

a book of original entry in which business transactions are recorded in chronological order

the buying of merchanise

the face value of a note on which interest is computed

ordinarily refers only to merchandise sold

a book of accounts

current assets divided by current liabilities

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

the right side of a standard account is

a written promise of a business to pay a creditor a certain amount in the future

the left side of a standard account is

accounts receivable that are uncollectable

amounts paid by a business for merchandise

money and money substitutes received

debts that must be paid within a year

the owners equity or the owners financial interest in a business

a business or individual to whom a debt is owed

a business firm that obtains income through the buying and selling og goods

a business, owned by stockholders, which is chartered under state law to conduct a business or other activity

the individual who makes a promise to pay on a promissory note

a statement regarding the status of assets, liabilities, and owners equity as of specified date

a formal statement which presents the revenue and expenses of a specified period of time

the first record of a business transactions

financial events that affect assets, liabilities, or owners equity

an informal statement proving that ttl debit balances are equal to the ttl credit balances in the ledger

in order of time

the person or business concern by whom a shipment is made

a person who sign a check or draft ordering payment to be made

the decrease in owners equity due to consumption of goods and services used in the operation of a business

increase in the owners equity resulting from business operations

the recording of business data in a prescribed manner

coins, currency, checks, and money orders received from others, as well as money deposited in the bank

the net value of an owners financial interest in a business

cash or other assets that will be converted into cash or consumed w/I one yr

the transferal of the balances of the temporary accounts to the capital account

recording in each fiscal period applicable expense, whether paid or not, and income earned, whether collected or not

an itemized listing of additions to and subtractions from a depositor's account

an individual certified to practice public accounting in a state

a document issued by a state which permits a corporation to operate

a written order drawn by a depositor directing his bank to deduct money from his account and pay the person or company designated

the money or other assets supplied by the owner for the operation of business

a written promise that pledges real property as security for the payment of debt

a business paper that is a claim on cash and which may be transferred legally by endorsement

excess of current assets over current liabilities

journal page numbers and ledger account numbers which, when present, confirms that an entry has been posted

credit given to a customer for shortages or damage goods delivered

a deduction from the sales invoice as an incentive for customers to pay their invoices early

an account used to accumulate decreases in value of fixed assets

a report sent to each customer which indicates the status of his account

income earned during an accounting period but not yet received

an account used to record or determine the estimated value of an asset

a separate owners equity account in which withdrawals of asset against profits by the owners are recorded

Credit received for shortages or for damaged goods received

an account in which is recorded the decrease in value of accounts receivable due to possible uncollectable items

a written promise to pay money to another person or business at a specified or determinable time

the amount paid for insurance protection

levied on the earnings of individuals and business by federal, state, and local government

a contract between an insurance company and the party insured

imposed upon the purchaser of goods and collected by the seller, who remits such to the state or city government

evidence of the ownership of corporation stock

Capital or Net Worth

accounts receivable

Accounts Payable

mortgage payable within 15 days

assets which will not be sold during the fiscal period

things of value owned by a business

One's Debts

the Equity of the owners of a business

the financial statement reflects the status of assets, liabilities, and owner equity as of a given date

a check of equality of debits and credits

one who owes debts

one to whom debts are owed

owners equity

mortgage payable

accounts payable

Recording information in a ledger

a book in which the first formal double entry record of transactions is made

a statement of assets, liabilities, and proprietorship at a specified date

a summary of the results of operations for a specified period of time

used to record paying cash for an item

for recording the buying of an article on credit

for receiving cash for merchandise

used to record selling of merchandise on credit

used for miscellaneous entries

to be used over a long period of time

to be used relatively soon

capable of being touched

not physical or material

money

check returned to the depositor that has been paid by the bank

a source of information for the journal

the one to whom the bank is ordered to pay the cash

a check that has been issued but not yet presented for payment

the one who orders the bank to pay money from his account

the time allowed for the payment of a sale

assets taken out of the business by the owner for his personal use

the period for which an analysis of the operations of a business is made

a journal entry that contains two or more debts or two or more credits

an accounting year ending some other date than December 31st

free or board

collect before delivery

certified public accountant

Cost, insurance, and freight

collect on delivery

stockholders

land, buildings, equpment

amount added to cost of merchandise to determine the selling price

a business owned by two or more individuals with profits or losses jointly shared

money paid for the use of money

a special book in which payments made by check are recorded

a check drawn by a bank on its own funds and signed by the cashier

a check which carries the guarantee of the drawee that sufficient funds are available to pay the check when it is properly presented

cost of a fixed asset less accumulated depreciation

a paper showing quantity, description, price of items, total amount of purchase and the terms of payment

a payment

to delay until a later date

consists merely of the signature of the endorser on the back of the check

endorsement which uses the phrase, "pay to the order of"

endorsement which uses the phrase " for deposit only"

the comparison of current assets with current liabilities

the comparison of the fixed assets with the fixed liabilities

comparison of cash and all the other current assets that are readily recognizable in cash with the current liabilities

comparison of total assets with total liabilities

determined by dividing the cost of goods by the average inventory