Accounting for Seminar!

This portion of the Operating Statement includes Revenue, Expenses, and Net Income/Loss

A device for recording the changes in the fundamental accounting elements

The seperate owner's equity account in which withdrawls of cash/other assets by the owner for personal use are recorded

Age of Accounts Receivable measures the average time required to collect receivables

The difference between the total ___ and ___ in an account is the account balance

An order by a depositor requesting a bank not to pay on a check issued

A book of original entry in which only money and money subs paid are recorded

A list of all account titles and numbers assigned to them

This was torture

Employee's Withholding Allowance Certificate

Prepaid Expenses are considered to be assets when acquired, but when will they become expenses?

Petty Cash Voucher: A fund of currency and coin est. for payment of small amounts of $$$

A work paper proving the equality of the debit and credit balances in a ledger

The amount a business charges customers for products sold or services performed

A total, listed in small figures, under last entry column in an account

A temp. owners equity contra account utilized to record the return of merch to supplier due to things like defects

Expense: An increase in assets, other than owner withdrawls, whic result from efforts to increase revenue

A purchase invoice is from the seller's perspective

A journal designed to accumulate data about only one kind of business transaction

A formal written statement of managements plans for the future expressed in financial terms

Inventory: A source document showing quantity, description, item price, total amount of purchase, and terms of payment

The cost of a fixed asset less its accumulated depreciation

Credit: The right side of a standard account

The transferal of data from the journal to the ledger is referred to as

A check drawn by one bank on another in which it has funds on deposit

The formula for determining simple interest is:

Property of monetary value owned by a business

The face value of a promissory note upon which interest is computed

Check Stub: A form on which info is recorded by the check drawer concerning the check drawn

Bookkeeping is the recording of financial information. It does not analyze.

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

A document created as evidence of a sale in retail

Certified Checks are drawn from a bank on its own funds

Amount paid per hour multiplied by number of hours worked in a pay period

A journal is a book of original entry in which transactions are recorded in any order

Accounts Receivable Turnover measures how many times per year receivables are collected

An unwritten promise of a customer to pay later for goods sold or services rendered

The Income Statement, Balance Sheet, and Operating Statement are all examples of what?

The process of recording equal debits and credits for a single transaction is referred to as...

Credit: The left side of a standard account

The Operating Statement is another name for the Income Statement

The portion of the original cost of a fixed asset that is assigned as an expense to reporting period benefiting from use

The body of a Balance Sheet includes ___, liabilities, and owner's equity

Postdated Check: A check dated following its issue

The first record of a business transaction. (Stubs, Invoice...)

A bank form that lists those cash items and individual checks to be deposited

A written promise to pay a creditor a certain amount in the future

An accounting practice in which revenue is not recognized in the records until received, and expenses not until paid

Assets equal ___ + ___

The date on which payment is due on a promissory note

A formal financial statement illustrating the assets, liabilities, owners equity of a business as of a specific date

Petty Cash is an asset listed immediately below Cash on the balance sheet

This reports the profitability of business operations for a specific period of time

Temporary Owner's equity contra acc. used to record discounts given to customers as incentive for prompt payment

A method of computing interest based on the assumption there are 360 days in a year

A transfer of merch from one business/person to another for cash or promise to pay cash

Deposits that have been made and added to the depositors checkbook, haven't been presented to bank

The signature of the payee or other holder on the back of the check is the

The amount by which the total assets exceed the liabilities of a business

Purchases minus purchases returns and allowances minus discounts

Any activity of a business enterprise that involves the exchange of values

A form used to reflect payments from the petty cash fund

Used to accumulate cash shortages and overages. At the end, a net shortage is an expense, and overage is revenue

State Unemployment tax act. State version of FUTA.

Copyrights and Goodwill are examples of ___ assets

Current Liabilities, such as Accounts Payable, are generally paid in how many years?

Bank Statement ___: The depositor attempts to reconcile the bank statement with the checkbook balance

A source document prepared by seller that lists items shipped, cost, and method of shipment

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

The amount originally paid for a depreciable asset

Cash, marketable securities, accounts and notes receivable are all...

A Federal act that required most employers/ees to pay taxes to support the Social Security Program

Payee: A person/company who will be paid on a promissory note, check, or money order

An unwritten promise by a customer to pay, at a later date, for goods sold

Equipment, Automobiles, Furnishings, and ___ are all Fixed Assets

Net sales minus the cost of goods sold

A type of asset that will be consumed as it is used

The person who signs the check ordering payment to be made

A method of accounting under which revenues are recorded when earned, expenses when incurred

W-2: Wage and Tax Statement. Furnished by employer indicating gross earnings and deductions

Measures the ability of the firm to meet its current obligations

Any debts a business owes is considered to be a/an...

The book of accounts is called a ___

An itemized listing prepared by the bank of additions to or subtractions from depositors account

Current assets divided by current liabilities

An unwritten promise to pay creditors for property, such as merch, on credit

A language of business employed to communicate financial info based on analyzing, recording, classification, etc...

A check not paid by the bank when properly presented

Sales minus sales returns/allowances minus sales discounts

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

Cash, Petty Cash, Acc. Receivable, Prepaid Expenses, and Inventory are what kind of assets?