Accounting Glossary Week 8

Card Set Information

Author:
rfisher
ID:
93876
Filename:
Accounting Glossary Week 8
Updated:
2011-07-13 09:24:26
Tags:
Accounting Glossary Week
Folders:

Description:
Accounting Glossary Week 8
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user rfisher on FreezingBlue Flashcards. What would you like to do?


  1. A balance taken after adjusting entries have been recorded.
    Adjusted Trial Balance
  2. Entries made at the conclusion of a fiscal period to bring accounts up to date.
    Adjusting Entries
  3. A formal financial statement illustrating the assests,liabilities, and owner's equity of a business as of a specific date.
    Balance Sheet
  4. An itemized list prepared by the bank of additions to the subtractions from a depositor's account.
    Bank Statement
  5. The process by which the depositor attempts to reconcile the bank statement balance with the checkbook balance.
    Bank Statement Reconciliation
  6. A tweleve-month period beginning January 1st and concluding on DEcember 31st.
    Calander Year
  7. A check which has been paid by the bank and returned to the drawer for recordkeeping.
    Cancelled Check
  8. A book of original entry in which only cash sales are recorded.
    Cash receipts Journal
  9. A list of all the account titles and the account numbers assigned to them.
    Chart of Accounts
  10. A piece of commercial paper drawn on funds in a bank account and payable on demand.
    Check
  11. A form on which information is recorded by the drawer of the check concerning the check drawn; a source document.
    Check Stub
  12. In accounting, to record in order of time.
    Chronological
  13. The sorting of the many business transactions in an orderly and systematic manner.
    Classifying
  14. Entries made at the end of each reporting period to transfer the balances of the temporary owner's equity accounts to the permanent owner's equity account and to reduce the balance in the temporary owner's equity accounts to zero in preparation for the next accounting period.
    Closing Entries
  15. A book of original entry that combines into one journal the features of the two column general journal and a special journal.
    Combination Journal
  16. An accounting entry that involes more than two accounts.
    Compound Journal Entry
  17. A source document that grants credit to a buyer for purchase return or purchase allowance; items that the bank adds to the account balance.
    Credit Memorandum
  18. The process of entering the journal page number in the ledger and the ledger account number in the journal.
    Cross Referencing
  19. Deposits that have been made and added to depsitor's checkbook, but have not yet been listed on the bank statement.
    Deposits in Transit
  20. A bank form that lists those items and individual checks to be deposited.
    Deposit Ticket or Slip
  21. A Payment
    Disbursement
  22. A check not paid by the bank when properly presented.
    Dishonored Check
  23. One who is under the control and direction of an employer with redards to the performance of employment
    Employee
  24. End of Month
    E.O.M.
  25. A period of time covered by an income statement.
    Fiscal Period
  26. A condition in which the total of the debits and the total of the credits are equal in an account.
    In Balance
  27. A formal Financial statement which presents the income, expences, and resulting net profit or net loss for a givin period.
    Income Statement (profit and lkoss statement)
  28. A tax levied on the earnings of individuals and business by federal, state, and local governments.
    Income Tax
  29. Any person who agrees to perform a service for a fee and who is not subject to the control of those for whom the service is preformed.
    Independent Contractor
  30. Explaining the significant events of developments that occur, usually taking the form of analysis and comparisons.
    Interpreting
  31. The difference between gross profit and expenses when expenses are larger.
    Gross Loss
  32. Net Pay
    Ney Earnings
  33. Purchuses minus purchuses returns and allowances minus puchase discounts
    Net Purchuses
  34. Sales minus returns and allowances minus sales discounts.
    Net Sales
  35. A written promise of pay a creditor a certian amount in te future.
    Notes Payable
  36. A written promise of a customer to pay a business a sum of money at a future date.
    Notes recievable
  37. Not Sufficient Funds
    N.S.F.
  38. Checks that have been drawn and subtracted from the depositor's checkbook, but which have not yet been presented to the bank for payment.
    Outstanding Checks
  39. A work paper repared after all temporary owner's equity accounts have been closed and all permanent accounts have been balanced and ruled, proving the equality of the debits and credits.
    Post-closing trial balance
  40. The process of determining whether the amount of cash, both on hand and in the bank, is the same as that which is indicated in the accounting records.
    Proving Cash
  41. The process that examines each page of a journal, confirming that the debit entries equal the credit entries on each page.
    Proving the Journal
  42. A temporary owner's equity account used to record the earnings of revenue.
    Sales
  43. An order by a depositor requesting a bank not pay on a check peviously issued.
    Stop Payment Order
  44. Bringing accounts data together in a way that will further enhance its usefulness, usually by means of reports and statements.
    Summarizing
  45. A work paper proving the equality of the debit and credit balances in the ledger.
    Trial Balance
  46. Wage and Tax statements; a report furnished by the employer for each employee indicating gross earnings and deductions.
    W-2 Form
  47. Empolyees' Withholding Allowance Certificate
    W-4 Form
  48. A form of compensation usally for skilled and unskilled labor, expressed in terms of hours, weeks or pieces completed.
    Wage
  49. An expanded trial balance utilized for computing, classifying, and sorting accounts balances before preparing the formal financial staements.
    Worksheet

What would you like to do?

Home > Flashcards > Print Preview