Fundamental Accounting Definitions 1 of 2
Help!
|
|
||||
|---|---|---|---|---|---|
| Accelerated Depreciation Method | show 🗑
|
||||
| show | Record within an accounting system in which increases and decreases are entered stored in a specific asset, liability, equity, revenue, or expense
🗑
|
||||
| show | Difference between total debits and total credits (including the beginning balance) for an account
🗑
|
||||
| Account Form Balance Sheet | show 🗑
|
||||
| show | Liability created by buying goods or services on credit; backed by the buyer's general credit standing
🗑
|
||||
| show | Information and measurement system that identifies, records, and communications relevant information about a company's business activities
🗑
|
||||
| show | Recurring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trial balance (or reversing entries)
🗑
|
||||
| show | Equality involving a company's assets, liabilities, and equity; Assets = Liabilities + Equity; also called balance sheet equation
🗑
|
||||
| Accounting Information System | show 🗑
|
||||
| show | Length of time covered by financial statements also called reporting period
🗑
|
||||
| Accounts Payable Ledger | show 🗑
|
||||
| Accounts Receivable | show 🗑
|
||||
| show | Subsidiary ledger listing individual customer accounts
🗑
|
||||
| Accounts Receivable Turnover | show 🗑
|
||||
| Accrual Basis Accounting | show 🗑
|
||||
| show | Costs incurred in a period that are both unpaid and unrecorded; adjusting entries for recording accrued expenses involve increasing expenses and increasing liabilities
🗑
|
||||
| show | Revenues earned in a period that are both unrecorded and not yet received in cash (or other assets); adjusting entries for recording accrued revenues involve increasing assets and increasing revenues
🗑
|
||||
| show | Cumulative sum of all depreciation expenses recorded for an asset
🗑
|
||||
| show | Ration used to access a company's ability to settle its current debts with its most liquid assets; defined as a quick assets (cash, short-term investments, and current receivables) divided by current liabilities
🗑
|
||||
| Adjusted Trial Balance | show 🗑
|
||||
| Adjusting Entry | show 🗑
|
||||
| Aging of Accounts Receivable | show 🗑
|
||||
| Allowance for Doubtful Accounts | show 🗑
|
||||
| Allowance Method | show 🗑
|
||||
| show | Process of allocating the cost of an intangible asset to expense over its estimated useful life
🗑
|
||||
| show | Financial statements covering a one-year period; often based on a calendar year, but any consecutive 12-month (or 52-week) period is acceptable
🗑
|
||||
| Annual Report | show 🗑
|
||||
| Annuity | show 🗑
|
||||
| Assets | show 🗑
|
||||
| Audit | show 🗑
|
||||
| show | Accounts of customers who do not pay what they have promised to pay; an expense of selling on credit; also called uncollectible accounts
🗑
|
||||
| Balance Column Account | show 🗑
|
||||
| show | Financial statement that lists types and dollar amounts of assets, liabilities, and equity at a specific date
🗑
|
||||
| show | Report that explains the difference between the book (company) balance of cash and the cash balance reported on the bank statement
🗑
|
||||
| show | Bank report on the depositor's beginning and ending cash balances, and a listing of its changes, for a period
🗑
|
||||
| show | Accumulating source documents for a period of time and then processing them all at once such as once a day, week, or month
🗑
|
||||
| show | Expenditures to make a plant asset more efficient or productive; also called improvements
🗑
|
||||
| Book Value | show 🗑
|
||||
| Business | show 🗑
|
||||
| show | Principle that requires a business to be accounted for separately from its owner(s) and from any other entity
🗑
|
||||
| C Corporation | show 🗑
|
||||
| Canceled Checks | show 🗑
|
||||
| Capital Expenditures | show 🗑
|
||||
| show | Record the cost as part of a permanent account and allocate it over later periods
🗑
|
||||
| show | Includes currency, coins, and amounts on deposit in bank checking or savings accounts
🗑
|
||||
| Cash Basis Accounting | show 🗑
|
||||
| show | Special journal normally used to record all payments of cash; also called cash payments journal
🗑
|
||||
| show | Reduction in the price of merchandise granted by a seller to a buyer when payment is made within the discount period
🗑
|
||||
| show | Short-term, investment assets that are readily convertible to a known cash amount or sufficiently close to their maturity date (usually within 90 days) so that market value is not sensitive to interest rate changes
🗑
|
||||
| Cash Over and Short | show 🗑
|
||||
| show | Special journal normally used to record all receipts of cash
🗑
|
||||
| show | Change in an accounting estimate that results from new information, subsequent developments, or improved judgment that impacts current and future periods
🗑
|
||||
| show | List of accounts used by a company; includes an identification number for each account
🗑
|
||||
| Check | show 🗑
|
||||
| show | Another name for a cash disbursements journal when the journal has a column for check numbers
🗑
|
||||
| show | Balance sheet that presents assets and liabilities in relevant subgroups, including current and noncurrent classifications
🗑
|
||||
| Closing Entries | show 🗑
|
||||
| Closing Process | show 🗑
|
||||
| Columnar Journal | show 🗑
|
||||
| show | Corporation's basic ownership share; also generically called capital stock
🗑
|
||||
| Compatibility Principle | show 🗑
|
||||
| show | Key elements of an accounting information systems that include source documents, input devices, information processors, information storage, and output devices
🗑
|
||||
| Compound Journal Entry | show 🗑
|
||||
| show | Physical equipment in a computerized accounting information system
🗑
|
||||
| Computer Network | show 🗑
|
||||
| Computer Software | show 🗑
|
||||
| show | Principle that prescribes the less optimistic estimate when two estimates are about equally likely
🗑
|
||||
| Consignee | show 🗑
|
||||
| Consignor | show 🗑
|
||||
| Consistency Principle | show 🗑
|
||||
| Contingent Liability | show 🗑
|
||||
| show | Account linked with another account and having an opposite normal balance; reported as a subtraction from the other account's balance
🗑
|
||||
| show | Information system principle that prescribes an accounting system to aid managers in controlling and monitoring business activities
🗑
|
||||
| Controlling Account | show 🗑
|
||||
| show | Right giving the owner the exclusive privilege to publish and sell musical, literary, or artistic work during the creator's life plus 70 years
🗑
|
||||
| Corporation | show 🗑
|
||||
| Cost | show 🗑
|
||||
| show | Consists of beginning inventory plus net purchases of a period
🗑
|
||||
| Cost of Goods Sold | show 🗑
|
||||
| Cost of Principle | show 🗑
|
||||
| show | Information system principle that prescribes the benefits from an activity in an accounting system outweigh the costs of that activity
🗑
|
||||
| Credit | show 🗑
|
||||
| show | Notification that the sender has credited the recipient's account in the sender's records
🗑
|
||||
| show | Time period that can pass before a customer's payment is due
🗑
|
||||
| Credit Terms | show 🗑
|
||||
| Creditors | show 🗑
|
||||
| show | Cash and other assets expected to be sold, collected, or used within one year of the company's operating cycle, whichever is longer
🗑
|
||||
| Current Liabilities | show 🗑
|
||||
| show | Portion of long-term debt due within one year or the operating cycle, whichever is longer; reported under current liabilities
🗑
|
||||
| show | Ratio used to evaluate a company's ability to pay its short-term obligations, calculated by dividing current assets by current liabilities
🗑
|
||||
| Date of Declaration | show 🗑
|
||||
| show | Date the corporation makes the dividend payment
🗑
|
||||
| show | Estimate of number of days needed to convert inventory into receivables or cash; equals ending inventory divided by cost of goods sold and then multiplied by 365; also called days' stock on hand
🗑
|
||||
| show | Measure of the liquidity of receivables computed by dividing the current balance of receivables by the annual credit (or net) sales and then multiplying by 365; also called days' sales in receivables
🗑
|
||||
| Debit | show 🗑
|
||||
| Debit Memorandum | show 🗑
|
||||
| show | Ratio of total liabilities to total assets; used to reflect risk associated with a company's debts
🗑
|
||||
| show | Individuals or organizations that owe money
🗑
|
||||
| Declining-Balance Method | show 🗑
|
||||
| Deferred Income Tax Liability | show 🗑
|
||||
| Depletion | show 🗑
|
||||
| show | Deposits recorded by the company but not yet recorded by its bank
🗑
|
||||
| show | Lists items such as currency, coins, and checks deposited an their corresponding dollar amounts
🗑
|
||||
| Depreciable cost | show 🗑
|
||||
| Depreciation | show 🗑
|
||||
| show | Method that records the loss from an uncollectible account receivable at the time it is determined to be uncollectible; no attempt is made to estimate bad debts
🗑
|
||||
| Discount Lost | show 🗑
|
||||
| show | Difference between face value of note payable and the (lesser) amount borrowed; reflects the added interest to be paid on the note over its life
🗑
|
||||
| show | Time period in which a cash discount is available and the buyer can make a reduced payment
🗑
|
||||
| Discount Rate | show 🗑
|
||||
| show | Corporate income is taxed and then its later distribution through dividends is normally taxed again for shareholders
🗑
|
||||
| show | Depreciation equals beginning book value multiplied by 2 times the straight-line rate
🗑
|
||||
| show | Accounting system in which each transaction affects at least two accounts and has at least one debit and credit
🗑
|
||||
| Electronic Funds Transfer (EFT) | show 🗑
|
||||
| show | Additional compensation paid to or on behalf of employees, such as premiums for medical, dental, life, and disability insurance, and contributions to pension plans
🗑
|
||||
| show | Record of all employee's net pay, gross pay, deductions, and year-to-date payroll information
🗑
|
||||
| Enterprise Resource Planning (ERP) Software | show 🗑
|
||||
| Entity | show 🗑
|
||||
| EOM | show 🗑
|
||||
| show | Owner's claim on the assets of a business; equals the residual interest in an entity's asset after deducting liabilities; also called net assets
🗑
|
||||
| Estimated Liability | show 🗑
|
||||
| Ethics | show 🗑
|
||||
| show | Happenings that both affect an organization's financial position and can be reliably measured
🗑
|
||||
| Expanded Accounting Equation | show 🗑
|
||||
| Expenses | show 🗑
|
||||
| show | Exchanges of economic value between one entity and another entity
🗑
|
||||
| External Users | show 🗑
|
||||
| show | Major repairs that extend the useful life of a plant asset beyond prior expectations; treated as a capital expenditure
🗑
|
||||
| Federal Depository Bank | show 🗑
|
||||
| Federal Insurance Contributions Act (FICA) Taxes | show 🗑
|
||||
| show | Payroll taxes on employers assessed by the federal government to support its unemployment insurance programs
🗑
|
||||
| Financial Accounting | show 🗑
|
||||
| Financial Accounting Standards Board (FASB) | show 🗑
|
||||
| Financial Statements | show 🗑
|
||||
| show | Method to assign cost to inventory that assumes items are sold in the order acquired; earliest items purchased are the first sold
🗑
|
||||
| show | Consecutive 12-month (or 52-week) period closed as the organization's annual accounting period
🗑
|
||||
| Flexibility Principle | show 🗑
|
||||
| Form 10-K (or 10-KSB) | show 🗑
|
||||
| show | IRS form used to report an employer's federal unemployment taxes (FUTA) on an annual filing basis
🗑
|
||||
| show | IRS form used to report FICA taxes owed and remitted
🗑
|
||||
| Form W-2 | show 🗑
|
||||
| Form W-4 | show 🗑
|
||||
| show | privileges granted by a company or government to sell a product or service under specified conditions
🗑
|
||||
| show | Principle that prescribed financial statements (including notes) to report all relevant information about an entity's operations and financial condition
🗑
|
||||
| General and Administrative Expenses | show 🗑
|
||||
| General Journal | show 🗑
|
||||
| General Partner | show 🗑
|
||||
| show | Partnership in which all partners have mutual agency and unlimited liability for partnership debts
🗑
|
||||
| Generally Accepted Accounting Principles (GAAP) | show 🗑
|
||||
| Generally Accepted Auditing Standards (GAAS) | show 🗑
|
||||
| Going-Concern Principle | show 🗑
|
||||
| show | Amount by which a company's (or a segment's) value exceeds the value of its individual assets less its liabilities
🗑
|
||||
| show | Gross margin (net sales minus cost of goods sold) divided by net sales; also called gross profit ratio
🗑
|
||||
| show | Method of recording purchases at the full price without deducting any cash discounts
🗑
|
||||
| show | Total compensation earned by an employee
🗑
|
||||
| show | Net sales minus cost of goods sold; also called gross margin
🗑
|
||||
| show | Procedure to estimate inventory when the past gross profit ratio is used to estimate cost of goods sold, which is then subtracted from the cost of goods available for sale
🗑
|
||||
| show | Diminishment of an asset value
🗑
|
||||
| show | Method to account for petty cash maintains a constant balance in the fund, which equals cash plus petty cash receipts
🗑
|
||||
| show | Condition in which the capacity of plant assets is too small to meet the company's production demands
🗑
|
||||
| show | Financial statement that subtracts expenses from revenues to yield a net income or loss over a specified period of time; also indicates any gains or losses
🗑
|
||||
| show | Temporary account used only in the closing process to which the balances of revenue and expense accounts (including any gains or losses) are transferred; its balance is transferred to the capital account (or retained earnings for a corporation)
🗑
|
||||
| Indefinite Useful Life | show 🗑
|
||||
| show | Component of an accounting system that interprets, transform, and summarizes information for use in analysis and reporting
🗑
|
||||
| show | Component of an accounting system that keeps data in a form accessible to information processors
🗑
|
||||
| show | Means of capturing information from source documents that enables its transfer to information processors
🗑
|
||||
| Intangible Assets | show 🗑
|
||||
| show | Charge for sing money (or other assets) loaned for one entity to another
🗑
|
||||
| Interim Financial Statements | show 🗑
|
||||
| Internal Controls or Internal Control System | show 🗑
|
||||
| Internal Transactions | show 🗑
|
||||
| Internal Users | show 🗑
|
||||
| show | Group that identifies preferred accounting practices and encourages global acceptance; issues International Financial Reporting Standards (IFRS)
🗑
|
||||
| show | Goods a company owns and expects to sell in its normal operations
🗑
|
||||
| show | Number of times a company's average inventory is sold during a period; computed by dividing cost of goods sold by average inventory; also called merchandise turnover
🗑
|
||||
| show | Itemized record of gods prepared by the vendor that lists the customer's name, items sold, sales price, and terms of sale
🗑
|
||||
| Invoice Approval | show 🗑
|
||||
| Journal | show 🗑
|
||||
| show | Process of recording transactions in a journal
🗑
|
||||
| show | Obligations of a company with little uncertainty; set by agreements, contracts, or laws also called definitely determinable liabilities
🗑
|
||||
| Land Improvements | show 🗑
|
||||
| show | Method to assign cost to inventory that assumes costs for the most recent items purchased are sold first and charged to cost of goods sold
🗑
|
||||
| show | Contract specifying the rental of property
🗑
|
||||
| Leasehold | show 🗑
|
||||
| Leasehold Improvements | show 🗑
|
||||
| Ledger | show 🗑
|
||||
| Lessee | show 🗑
|
||||
| show | Party to a lease who grants another party (the lessee) the right to possess and use its property
🗑
|
||||
| show | Creditor's claims on an organization's assets; involves a probable future payment of assets, products, or services that a company is obligated to make due to past transactions or events
🗑
|
||||
| show | Owner can lose no more than the amount invested
🗑
|
||||
| show | Organization form that combines select features of a corporation and a limited partnership; provides limited liability to its members (owners), is free of business tax, and allows members to actively participate in management
🗑
|
||||
| Limited Liability Partnership | show 🗑
|
||||
| show | Partners who have no personal liability for partnership debts beyond the amounts they invested in the partnership
🗑
|
||||
| show | Partnership that has two classes of partners, limited partners and general partners
🗑
|
||||
| show | Resources suck as cash that are easily converted into other assets or used to pay for goods, services, or liabilities
🗑
|
||||
| Liquidity | show 🗑
|
||||
| show | Catalog (full) price of an item before any trade discount is deducted
🗑
|
||||
| Long-term Investments | show 🗑
|
||||
| show | Obligations not due to be paid within one year or the operating cycle, whichever is longer
🗑
|
||||
| show | Required method to report inventory at market replacement cost when that market cost is lower than recorded cost
🗑
|
||||
| Maker of the Note | show 🗑
|
||||
| Managerial Accounting | show 🗑
|
||||
| Manufacturer | show 🗑
|
||||
| show | Prescribes expenses to be reported in the same period as the revenues that were earned as a result of the expenses
🗑
|
||||
| show | Prescribes that accounting for items that significantly impact financial statement and any inferences from them adhere strictly to GAAP
🗑
|
||||
| show | Date when a note's principle and interest are due
🗑
|
||||
| show | Goods that a company owns and expects to sell to customers; also called merchandise or inventory
🗑
|
||||
| show | Entity that earns net income by buying and selling merchandise
🗑
|
||||
| Merit Rating | show 🗑
|
||||
| show | Depreciation system required by federal income tax law
🗑
|
||||
| show | Principle that assumes transactions and events can be expressed in money units
🗑
|
||||
| show | Income statement format that shows subtotals between sales and net income, categorizes expenses, and often reports the details of net sales and expenses
🗑
|
||||
| show | Legal relationship among partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the scope of the partnership's business
🗑
|
||||
| Natural Business Year | show 🗑
|
||||
| show | Assets physically consumed when used; examples are timber, mineral deposits, and oil and gas fields; also called wasting assets
🗑
|
||||
| Net Income | show 🗑
|
||||
| Net Loss | show 🗑
|
||||
| Net Method | show 🗑
|
||||
| show | Gross pay less all deductions; also called take-home pay
🗑
|
||||
| Net Realizable Value | show 🗑
|
||||
| show | Note with no stated (contract) rate of interest; interest is implicitly included in the note's face value
🗑
|
||||
| Non-Sufficient Funds (NSF) Check | show 🗑
|
||||
| Note Payable | show 🗑
|
||||
| Note Receivable | show 🗑
|
||||
| Objectivity Principle | show 🗑
|
||||
| show | Condition in which, because of new inventions and improvements, a plant asset can no longer be used to produce goods or services with a competitive advantage
🗑
|
||||
| show | Approach to inputting data from source documents as soon as the information is available
🗑
|
||||
| Operating Cycle | show 🗑
|
||||
| show | Repairs to keep a plant asset in normal. Good operating condition; treated as a revenue expenditure and immediately expensed
🗑
|
||||
| show | Means by which information is taken out of the accounting system and made available for use
🗑
|
||||
| Outstanding Checks | show 🗑
|
||||
| Owner, Capital | show 🗑
|
||||
| show | Assets put into the business by the owner
🗑
|
||||
| Partner Return on Equity | show 🗑
|
||||
| show | Unincorporated association of two or more persons to pursue a business for profit as co-owners
🗑
|
||||
| show | Agreement among partners that sets terms under which the affairs of the partnership are conducted; also called articles of partnership
🗑
|
||||
| Partnership Liquidation | show 🗑
|
||||
| Patent | show 🗑
|
||||
| Payee of the Note | show 🗑
|
||||
| Payroll Bank Account | show 🗑
|
||||
| Payroll Deductions | show 🗑
|
||||
| show | Record for a pay period that shows the pay period dates, regular and overtime hors worked, gross pay, net pay, and deductions
🗑
|
||||
| show | Method that records the cost of inventory purchased but does not continuously track quantity available or sold to customers; records are updated at the end of each period to reflect the physical count and cost of goods available
🗑
|
||||
| Permanent Accounts | show 🗑
|
||||
| Perpetual Inventory System | show 🗑
|
||||
| Petty Cash | show 🗑
|
||||
| Plant Assets | show 🗑
|
||||
| show | List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted
🗑
|
||||
| Posting | show 🗑
|
||||
| Posting Reference (PR) Column | show 🗑
|
||||
| show | Statements that show the effects of proposed transactions and events as if they had occurred
🗑
|
||||
| Prepaid Expenses | show 🗑
|
||||
| show | Amount that the signer of a note agrees to pay back when it matures, not including interest
🗑
|
||||
| show | Principles prescribing management to establish responsibility, maintain records, insure assets, separate recordkeeping from custody assets, divide responsibility for related transactions, apply technological controls, and perform reviews
🗑
|
||||
| show | Ratio of a company's net income to its net sales; the percent of income in each dollar of revenue; also called Net Profit Margin
🗑
|
||||
| show | Written promise to pay a specified amount either on demand or at a definite future date; is a note receivable for the lender but a note payable for the lendee
🗑
|
||||
| show | Term used by a purchaser to describe a cash discount granted to the purchaser for paying within the discount period
🗑
|
||||
| show | Document used by the purchasing department to place an order with a seller (vendor)
🗑
|
||||
| Purchase Requisition | show 🗑
|
||||
| Purchases Journal | show 🗑
|
||||
| Realizable Value | show 🗑
|
||||
| show | Form used to report that ordered goods are received and to describe their quantity and condition
🗑
|
||||
| show | Part of accounting that involves recording transactions and events, either manually or electronically; also called bookkeeping
🗑
|
||||
| Relevance Principle | show 🗑
|
||||
| Report Form Balance Sheet | show 🗑
|
||||
| show | Method to estimate ending inventory based on the ratio of the amount of goods for sale at cost to the amount of goods for sale at retail
🗑
|
||||
| Retailer | show 🗑
|
||||
| show | Monies received from an investment often in percent form
🗑
|
||||
| Revenue Expenditures | show 🗑
|
||||
| Revenue Recognition Principle | show 🗑
|
||||
| show | Gross increase in equity from a company's business activities that earn income; also called sales
🗑
|
||||
| show | Optional entries recorded at the beginning of a period that prepare the accounts for the usual journal entries as if adjusting entries had not occurred in the prior period
🗑
|
||||
| Risk | show 🗑
|
||||
| show | Corporation that meets special tax qualifications so as to be treated like a partnership for income tax purposes
🗑
|
||||
| show | Term used by a seller to describe a cash discount granted to buyers who pay within the discount period
🗑
|
||||
| show | Journal normally used to record sales of goods on credit
🗑
|
||||
| show | Estimate of amount to be recovered at the end of an asset's useful life; also called residual value or scrap value
🗑
|
||||
| Schedule of Accounts Payable | show 🗑
|
||||
| show | List of the balances for all accounts in the accounts receivable ledger and their total
🗑
|
||||
| show | Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public
🗑
|
||||
| show | Segment operating income dividend by segment average (identifiable) assets for the period
🗑
|
||||
| Selling Expenses | show 🗑
|
||||
| Service Company | show 🗑
|
||||
| show | Owners of a corporation; also called stockholders
🗑
|
||||
| show | Equity of a corporation divided into ownership units; also called stock
🗑
|
||||
| show | Current obligation in the form of a written promissory note
🗑
|
||||
| show | Inventory losses that occur as a result of theft or deterioration
🗑
|
||||
| show | Includes the signatures of each person authorized to sign checks on the bank account
🗑
|
||||
| show | Income statement format that includes cost of goods sold as an expense and shows only one subtotal for total expenses
🗑
|
||||
| Social Responsibility | show 🗑
|
||||
| show | Business owned by one person that is not organized as a corporation; also called proprietorship
🗑
|
||||
| show | Source of information for accounting entries that can be in either paper or electronic form; also called business papers
🗑
|
||||
| show | Any journal used for recording and posting transactions of a similar type
🗑
|
||||
| show | Method to assign cost to inventory when the purchase cost of each item in inventory is identified and used to compute cost of inventory
🗑
|
||||
| show | Computer program that organizes data by means of formulas and format; also called electronic work sheet
🗑
|
||||
| show | State payroll taxes on employers to support its unemployment programs
🗑
|
||||
| show | A financial statement that lists cash inflows (receipts) and cash outflows (payments) during a period; arranged and operating, investing, and financing
🗑
|
||||
| show | FASB publications that establish U.S. GAAP
🗑
|
||||
| show | Report of changes in equity over a period; adjusted for increases (owner investment and net income) and for decreases (withdrawals and net loss)
🗑
|
||||
| Straight-Line Depreciation | show 🗑
|
||||
| show | List of individual sub-accounts and amounts with a common characteristic; linked to a controlling account in the general ledger
🗑
|
||||
| Supplementary Records | show 🗑
|
||||
| T-Account | show 🗑
|
||||
| Temporary Accounts | show 🗑
|
||||
| Time Interest Earned | show 🗑
|
||||
| show | Assumption that an organization's activities can be divided into specific time periods such as months, quarters, or years
🗑
|
||||
| show | Measure of a company's ability to use its assets to generate sales; computed by dividing net sales by average total assets
🗑
|
||||
| show | Reduction from a list or catalog price that can vary for wholesalers, retailers, and consumers
🗑
|
||||
| show | Symbol, name, phrase, or jingle identified with a company, product, or service
🗑
|
||||
| Transaction | show 🗑
|
||||
| show | List of accounts and their balances at a point in time; total debit balances equal total credit balances
🗑
|
||||
| Unadjusted Trial Balance | show 🗑
|
||||
| Unclassified Balance Sheet | show 🗑
|
||||
| show | Liability created when customers pay in advance for products or services; earned when the products or services are later delivered
🗑
|
||||
| Unites-of-Production Depreciation | show 🗑
|
||||
| show | legal relationship among general partners that makes each of them responsible for partnership debt if the other partners are unable to pay their shares
🗑
|
||||
| show | Length of time an asset will be productively used in the operations of a business; also called service life
🗑
|
||||
| show | Buyer of goods or services
🗑
|
||||
| show | Seller of goods or services
🗑
|
||||
| Voucher | show 🗑
|
||||
| show | Journal (referred to as a book of original entry) in which all vouchers are recorded after they have been approved
🗑
|
||||
| show | Procedures and approvals designed to control cash disbursements and acceptance of obligations
🗑
|
||||
| Wage Bracket Withholding Table | show 🗑
|
||||
| show | Agreement that obligates the seller to correct or replace a product or service when it fails to perform properly within a specified period
🗑
|
||||
| Weighted Average | show 🗑
|
||||
| Wholesaler | show 🗑
|
||||
| show | Payments of cash or other assets from a proprietorship or partnership to its owner or owners
🗑
|
||||
| show | Spreadsheet used to draft an unadjusted trial balance, adjusting entries, adjusted trial balance, and financial statements
🗑
|
||||
| Working Papers | show 🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
richswimbabe
Popular Accounting sets