Accounting - Seminar PART 1

(asset)___: a source document showing, quantity, description, pieces of items, total amount of purchase&terms of payment

__ check: paid for in advance that is signed when bought & signed again when cashed

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___ assets: cash or other assests that will be converted into cash or consumed within 1 year

current liabilities are debts of a business that are generally paid within 1 year (accounts payable, taxes payable)

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multiply the amount the employee earns per hour by 1.5; multiply this amount by the number of OT hours worked

(source doc.) ___: prepared by seller that lists the items shipped, their cost & method of shipment (seller's viewpoint)

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__: the book of accounts

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

__: the right side of a standard account

___: property of monetary value owned by a business

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deposits that have been made &added to the depositor's checkbook, but have not yet been listed on the bank statement

__: a list of all the account titles & the account numbers assigned to them

___: any debts a business owes

(source document) __: created as evidence of a sale in a retail business

for expenses, debits are __ and credits are __

__: a person (depositor) who signs a check, ordering a payment to be made

__: the effect of transactions on the accounting elements

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the difference between gross profit and expenses when gross profit is larger

(asset) ___: an unwritten promise by a customer to pay, at a later date, for goods sold or services rendered

fed. act that requires most employers & employees to pay taxes to support the federal social security program

the difference between accounting and bookkeeping: the ___ of finacial info in a prescribed manner

(posting procedures) ___: a total, written in small pencil figures, under the last entry in a column of an account

merchandise is goods purchased for resale at a profit

certain amounts withheld from the total earnings of each employee that are applied toward the employee's fed. income tax

a form used to reflect payments from the petty cash fund

usually a precentage of federal income tax

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an amount written with the digits in the incorrect order

(source doc.) ___: prepared by seller that lists the items shipped, their cost & method of shipment (buyer's viewpoint)

for liabilities, debits are __ and credits are __

an order by a depositor requesting a bank not to pay on a checkpreviously issued

state version of FUTA

__ of the income statement including revenues, exepenses, and net profit(income) or net loss

not sufficient funds; not enough money in the account

__: any activities of a business enterprise that involes the exchange of values

an itemized listing, prepared by the bank, of additions to or subtractions from a depositor's account

wage & tax statement; a report furnished by the employer for each employee indicating gross earnings & deductions

a bank form that lists cash items & individual checks to be deposited

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the records of cash receipts and disbursements: a payment

__: a person or company who will receive payment on a promissory note, check, draft or money order

(asset) ___: coins, currency, checks, credit card receipts & money orders from others, as well as money in the bank

__: a person or concern, usually a bank, which has been ordered to make a payment on a check or draft

__ check: a check dated subsequent to its date of issuance

has been paid by the bank & returned to the drawer for record keeping

for revenues, debits are __ and credits are __

__: a work paper providing the equality of the debt & credit balances in the ledger

not paid by the bank when properly presented

_:another name for income statement,which reports the profitability of business operations for a specific period of time

__ check: drawn by a bank on its own funds & signed by an officer of the bank

(source document) __: the sale is entered into an electronic cash register that generates a receipt for the customer

the journal entry for petty cash is to debit petty cash & credit cash

employee's withholding allowance certificate

__ endorsement: the handwritten signature of the payee on the back of the check

the process of copying the debits & credits from the journal to the ledger accounts

(source document) ___: a form on which info is recorded by the drawer of a check concerning the check drawn

reports the profitability of business operations for a specific period of time; aka the profit & loss statement

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have been drawn &subtracted from the depositor's checkbook,but which have not yet been presented to the bank for payment

(asset) ___: items that are considered to be assets when acquired, but will become expenses when consumed or expired

federal law requires employers to withhold certain amounts from the total earnings of each employee

__ endorsement: limits the use of funds to the purpose stated (e.g. "for deposit only"

entries made at the conclusion of a fiscal period to bring accounts up to date

(asset) ___: a fund of currency & coin established for the payment of small amounts of money

posting to the general ledger: the transferal of data from the journal to the ledger

__: a check drawn by 1 bank on another bank in which it has funds on deposit

for equity, debits are __ and credits are __

__ check: a check with space for entering data about the voucher being paid

petty cash is an asset that is listed immediately below cash on the balance sheet

__: a formal finacial statement illustrating the assets, liabilities, & owner's equity of a business of a specific date

___ assets: those assets that cannot be touched or grasped. (patents, copyrights, goodwill)

the process of recording equal debits & credits for a single business transaction

a list of accounts, showing the title & balance of each account; used to prove that the debits = credits in the ledger

___ assets: those assets that have a physical reality (equiptment, automobiles, etc)

the signature of the payee or other holder placed on the back of a check or other negotiable instrument

__: the amount a business charges customers for products sold or services performed

__: a decrease in assets, other than withdrawls by the owner, which result from efforts to produce revenue

reports assets, liabilities, & owner's equity on a specific date; confirms the accounting equation is in balance

the difference between gross profit and expenses when expenses are larger

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a piece of commercial paper drawn on funds in a bank account & payable on demand

the issuance of a check without sufficient funds in the account when it is presented for payment

__: a device for recording the changes (increases or decreases) in the fundamental accounting elements

__:a separate owner's equity account in which withdrawls of cash/other assets by the owner for personal use are recorded

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abbrreviation for Federal Insurance Contributions Act

entering the transactions in a journal

(posting procedures) ___: the difference between the total debits & credit balances in the ledger

for assets, debits are __ and credits are __

Basic Accounting Equation: Assets = Liabilities + Owner's Equity

__: the left side of a standard account

__: reports the profitability of business operations for a specific period of time

amount paid per hour multiplied by the number of hours worked in a pay period.

__ check: carries the guarantee of the bank that sufficient funds are available to pay the check when it is presented