ACCOUNTING FINAL EXAM
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28 terms
Terms | Definitions |
|---|---|
 Accounts Receivable Ledger | A subsidiary ledger containing only accounts for charge customers |
| Accounts Receivable Ledger | A subsidiary ledger containing only accounts for charge customers |
| Capital Stock | total shares of ownership in a corporation |
| Employee Earnings Record | A business form used to record details affecting payments made to an employee |
| Gross Profit on Sales | the revenue remaining after cost of merchandise sold has been deducted |
| Capital Sock | total shares of ownership in a corporation |
| Employee Earnings Record | A business form used to record details affecting payments made to an employee |
| Gross Profit on Sales | the revenue remaining after cost of merchandise sold has been deducted |
| Markup | the amount added to the cost of merchandise to establish the selling price |
| Net Pay | The total earnings paid to an employee after payroll taxes and other deductions |
| Payroll register | a business form used to record payroll information |
| Purchases Allowance | credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer's accounts payable |
| Salary | The money paid for employee services |
| Subsidiary Ledger | A ledger that is summarized in a single general ledger account |
| Tax Base | The maximum amount of earnings on which a tax is calculated |
| Terminal Summary | The report that summarizes the cash and credit card sales of a point-of-sale terminal |
| vendor | a business form which merchandise is purchased or supplies or other assets are bought |
| Withholding Allowance | A deduction from total earnings for each person legally supported by a taxpayer including the employee |
| Accumulated Earnings | the total earninigs since the first of the year |
| balance sheet | a financial statement that reports assests, liabilities, and owners equity on a specific date |
| closing entries | journal entries used to prepare temporary accounts for a new fiscal period |
| component percentage | The percentage relationship between one financial statement item and the total that includes that item |
| coorperation | An organization with the legal rights of a person and which many persons may own |
| cost of merchandise | the price a business pays for goods it purchases to sell |
| electronic fund transfer | a computerized cash payment system that uses electronic impulses to transfer funds |
| share of stock | each unit of ownership in a corporation |
| stockholder | An owner of one or more shares of a corporation |
| worksheet | a columnar accounting form used to summarize the general ledger information needed to prepare financial statements |
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