accounting review

  1. Bank reconcilliation
  2. process of bringing the book and bank balances into agreement
  3. Bank Statement
    an itemized listing prepared by the bank of additions to the subtractions from a depositor's account
  4. Canceled checks
    a check which has been paid by the bank and returned to the drawer for recordkeeping
  5. Cash Short
  6. Cash Short & Over
    a special ledger account which is used to keep track of unexplained shortages or overages of cash
  7. Enteries for cash short and over
    pg 249
  8. enteries for cash over
    p 250
  9. combonation journal
    a book of original entry which combines into one journal the features of the two column general journal and a special journal.
  10. Deposits in transit
    feposits that have been maded and added to depositor's checkbook, but have not yet been listed on the bank statement
  11. Deposit Ticket
    a bank form which lists those cash items (currency and coin ) and individual checks to be deposited
  12. Drawee
    person or concern, usually a bank, that has been ordered to make a payment on a check
  13. Drawer
    a person (depositor) who signs a check, ordering a payment to be made
  14. Employee earnings record
    seperate record for each employee indiciating gross earnings deductions and net pay
  15. FUTA
  16. Independent Contractor
    any person who agrees to perform a service for a fee and who is not subject to the control of those for whom the service is performed
  17. NSF Checks
  18. Outstanding Checks
    checks that have been drawn and subtracted from the depositor's checkbook, but which have not yet been presented to the bank for payment
  19. payee
    person or company who will receive payment on a promissory note, check, draft, or money order
  20. payroll problem
    know how to do
  21. Payroll Register
    a multi-colum form used to assemble, compute, and summarize the data required at the end of each payroll period
  22. petty cash fund
    a fund of currency and coin established for the payment of small amounts of money

    • debit petty cash
    • credit cash
    • establish petty cash fund
  23. petty cash payments record
    special multi-colum record that supplements the regualr accounting records.
  24. petty cash voucher
    a from used to reflect payments from the petty cash fund
  25. salary
    generalyc onsidered to be compensation for managerial or administrative services, expressed in terms of a month or year
  26. wages
    a from of compensation usually for skilled and unskilled labor, expressed in terms of hours weeks or pieces completed
  27. wages expense
    an account that is debited for the total amount of the gross earnings of all employees for each pay period
  28. workers compensation insurance
    proviedes insurance for employees who suffer a job related illness or injury
  29. FICA
    federal Insurance Contributions Act
Card Set
accounting review