Accounting Exam #4

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carmenafro
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29029
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Accounting Exam #4
Updated:
2010-08-05 01:13:17
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Accounting Exam
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Accounting Exam # 4
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  1. Bank Reconciliation
    The process of bringing the book and bank balances into agreement.
  2. Bank Statement
    A statement of account issued by a bank to each depositor once a month
  3. Canceled Checks
    The depositor's checks paid by the bank during that period.
  4. Cash Short and Over
    • Keep up with the day to day shortages and overages.
    • Short-> Dr. Short&Over; Cr. Cash
    • Overages-> Dr. Cash: Cr. Short & Over
  5. Combination Journal
    A journal with such special and general columns
  6. Deposits in Transit
    Deposits that have not reached or been recorded by the bank before the statement is prepared
  7. Deposit Ticket
    A form showing a detailed listing of items being deposited
  8. Drawee
    The bank on which the check is drawn
  9. Drawer
    The depositor who orders the bank to pay cash
  10. Employee Earnings Record
    A separate record of each employee's earnings
  11. FUTA ( Federal Unemployment Tax Act)
    Levied only on employers. It's purpose is to increase funds for federal and state unemployment
  12. Independent Contractor
    Performs a service for a fee and does not work under the control and direction of a company paying for the service
  13. NSF checks
    (Not Sufficient Funds) Checks deposited by the depositor that are not paid because the drawer did not have sufficient funds
  14. Outstanding Checks
    Checks issued that have not been presented to the bank for payment before the statement is prepared.
  15. Payee
    The person being paid the cash
  16. Payroll Register
    A form used to assemble the data required at the end of each payroll period
  17. Petty Cash Fund
    A fund of currency and coins established for payment of small amounts of money
  18. Petty Cash for Payment Records
    A special multi-column record that supplements the regular accounting records
  19. Petty Cash Voucher
    A form used to reflect payments from the petty cash fund
  20. Salary
    Compensation for managerial or administrative services
  21. Wages
    Compensation for skilled or unskilled labor
  22. Wages Expense
    An account that is debited for the total amount of the gross earnings of all employees for each pay period
  23. Worker's Compensation Insurance
    Provides Insurance for employees who suffer job related injuries
  24. What does FICA stand for?
    Federal Insurance Contributions Act
  25. What is considered cash in accounting?
    Coins, currency, paper money, checks, credit card receipts and money orders received form others as well as money deposited in bank
  26. Rates and Maximums for SS, Medicare, FUTA, and SUTA
    • SS-> 6.2% not over 94,200/year
    • Medicare-> 1.45%
    • FUTA-> 0.8% max $7,000
    • SUTA-> 5.4% max $7,000
  27. Formula for Paychecks
    • ___________ *12 months
    • ___________/ 52 weeks
    • _________/ 40 hours
    • ______* Overtime rate

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