Accounting

Anything of value that is owned

Amount owed by a business

financial rights to the assets of a business

the amount remaining after the value of all liabilities is subtracted from the value of all assets

equation showing the relationship among assets, liabilities, and owners equity

information about business transactions is obtained from original business papers called

the recording of debit and credit parts of a transaction

form for recording transactions in chronological order

journal used to record only one kind of transaction

record summarizing all the information pertaining to a single item in the accounting equation

group of accounts is called

leger that contains all accounts needed to prepare financial statements is called

ledger that is summarized in a single general ledger account is called

account in a general ledger that summarizes all accounts in a subsidiary ledger is called

the procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current is called

accounting system showing accounting information for two or more departments is called

business that purchases and sells goods is called

transferring transaction information from a journal entry to a ledger account is called

form prepared by the customer showing the price deduction for purchase returns and allowances is called

account that reduces a related account on a financial statement is called

deduction that a vendor allows on the invoice amount to encourage prompt payment is called

cash discount on purchases taken by a customer is called

amount of cash kept on hand and used for making small payments is called

source document prepared by the vendor showing the amount deducted for returns and allowances is called

cash discount on sales

computer used to collect, store, and report all the information of a sales transaction

report that summarizes the cash and credit card sales of the point-of-sale terminal

money paid for employee services

period covered by a salary payment

total amount earned by all employees for a pay period

taxes based on the payroll of a business

deduction from total earnings for each person legally supported by a taxpayer

maximum amount of earnings on which a tax is calculated

business form used to record payroll information

business form used to record details affecting payments made to an employee

depositing payroll checks directly to an employees checking or savings account in a specific bank

computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents

amount of revenue from sales less the cost of goods sold

statement showing gross profit for each department is called

merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand is called

merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand

estimating inventory by using the previous years percentage of gross profit on operations

percentage relationship between one financial statement item and the total that includes that the item is called

list of customer accounts, account balances, and total amount due from all customers

list of vendor accounts, account balances, and total amount due all vendors is called

columnar accounting form used to summarize general ledger information needed to prepare financial statements is called

proof of the equality of debits and credits in a general ledger is called

assets that will be used for a number of years in the operation of a business are called

portion of plant assets cost that is transferred to an expense account in each fiscal period during a plant assets useful life is called

financial statements reporting revenue, cost, and direct expenses under a specific departments control are called

financial statement showing the revenue and expenses for a fiscal period is called

financial statement that shows changes in a corporations ownership for a fiscal period is called

total shares of ownership in a corporation

amount earned by a corporation and not yet distributed to stockholders

earnings distributed to stockholders are

financial statement that reports assets, liabilities, and owners equity on a specific date is called

journal entries recorded to update general ledger accounts at the end of a fiscal period

journal entries used to prepare temporary accounts for a new fiscal period

trial balance prepared after the closing entries are posted is called

series of accounting activities included in recording financial information for a fiscal period is called

business form used to show an authorized persons approval for a cash payment is called

set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is called

journal used to record vouchers is called

check with space for writing details about a cash payment is called

journal used in a voucher system to record cash payments is called

goods that are given to a business to sell but for which title remains with the vendor are called

the person or business that receives goods on consignment is called

person or business that gives goods on consignment is called

form used to show the type of merchandise, quantity received, quantity sold, and balance on hand is called

a file of stock records for all merchandise on hand is called

completed form authorizing a seller to deliver goods with payment to be made later is called

form used during a periodic inventory to record information about each item of merchandise on hand is called

using the price of merchandise purchased first to calculate the cost of merchandise sold first is called

FIFO

using the price of merchandise purchased last to calculate the cost of merchandise sold first is called

using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold is called

using the lower cost or market price to calculate the cost of ending merchandise inventory is called

estimating inventory by using a percentage based on both cost and retail prices is called

the number of times the average amount of merchandise inventory is sold during a specific period of time is called

the period of time needed to sell an average amount of merchandise inventory is called

accounts receivable that cannot be collected

canceling the balance of a customer account because the customer is not expected to pay

uncollectible accounts expense only when an amount is actually known to be uncollectible

crediting the estimated value of uncollectible accounts to a contra account

analyzing accounts receivable according to when they are due

number of times the average amount of accounts receivable is collected during a specified period

difference between the balance of accounts receivable and its contra account, allowance for uncollectible accounts