Accounting Exam #4
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The process of bringing the book and bank balances into agreement.
A statement of account issued by a bank to each depositor once a month
The depositor's checks paid by the bank during that period.
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
A journal with such special and general columns
Deposits in Transit
Deposits that have not reached or been recorded by the bank before the statement is prepared
A form showing a detailed listing of items being deposited
The bank on which the check is drawn
The depositor who orders the bank to pay cash
Employee Earnings Record
A separate record of each employee's earnings
FUTA ( Federal Unemployment Tax Act)
Levied only on employers. It's purpose is to increase funds for federal and state unemployment
Performs a service for a fee and does not work under the control and direction of a company paying for the service
(Not Sufficient Funds) Checks deposited by the depositor that are not paid because the drawer did not have sufficient funds
Checks issued that have not been presented to the bank for payment before the statement is prepared.
The person being paid the cash
A form used to assemble the data required at the end of each payroll period
Petty Cash Fund
A fund of currency and coins established for payment of small amounts of money
Petty Cash for Payment Records
A special multi-column record that supplements the regular accounting records
Petty Cash Voucher
A form used to reflect payments from the petty cash fund
Compensation for managerial or administrative services
Compensation for skilled or unskilled labor
An account that is debited for the total amount of the gross earnings of all employees for each pay period
Worker's Compensation Insurance
Provides Insurance for employees who suffer job related injuries
What does FICA stand for?
Federal Insurance Contributions Act
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
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
Formula for Paychecks
- ___________ *12 months
- ___________/ 52 weeks
- _________/ 40 hours
- ______* Overtime rate
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