accounting final

48 terms by mcohen116 

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partnership

a business in which two or more persons combine their assets and skills

partner

each member of a partnership

merchandising business

a business that purchases and sells goods

retail merchandising business

a merchandising business that sells to those who use or consume the goods

merchandise

goods that a merchandising business purchases to sell

wholesale merchandising business

a business that buys and resells merchandise to retail merchandising businesses

special journal

a journal used to record only one kind of transaction

cost of merchandise

the price a business pays for goods it purchases to sell

markup

the amount added to the cost of merchandise to establish the selling price

vendor

a business from which merchandise is purchased or supplies or other assets are bought

purchases journal

a special journal used to record only purchases of merchandise on account

special amount column

a journal amount column headed with an account title

purchase invoice

an invoice used as a source document for recording a "purchase on account" transaction

terms of sale

an agreement between a buyer and a seller about payment for merchandise

cash payments journal

a special journal used to record only cash payment transactions

general amount column

a journal amount column that is not headed with an account title

customer

a person or business to whom merchandise or services are sold to

sales tax

a tax on a sale of merchandise or services

sales journal

a special journal used to record only sales of merchandise on account

cash sale

a sale in which cash is received for the total amount of the sale at the time of the transaction

credit card sale

a sale in which a credit card is used for the total amount of the sale at the time of the transaction

cash receipts journal

a special journal used to record only cash receipt transactions

subsidiary ledger

a ledger that is summarized in a single general ledger account

accounts payable ledger

a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account

accounts receivable ledger

a subsidiary ledger containing only accounts for charge customers

controlling account

an account in a general ledger that summarizes all accounts in a subsidiary ledger

schedule of accounts payable

a listing of vendor accounts, account balances, and total amount due to all vendors

schedule of accounts receivable

a listing of customer accounts, account balances, and total amount due from all customers

salary

the money paid for employee services

pay period

the period covered by a salary payment

payroll

the total amount earned by all employees for a pay period

total earnings

the total pay due for a pay period before deductions

payroll taxes

taxes based on the the payroll of a business

witholding allowance

a deduction from total earnings for each person legally supported by a taxpayer, including the employee

social security tax

a federal tax paid for old age, survivors, and disability insurance

Medicare tax

a federal tax paid for hospital insurance

tax base

the maximum amount of earnings on which a tax is calculated

payroll register

a business form used to record payroll information

net pay

the total earning paid to an employee after payroll taxes and other deductions

employee earnings record

a business form used to record details affecting payments made to an employee

federal unemployment tax

a federal tax used for state and federal administrative expense of the unemployment program

state unemployment tax

a state tax used to pay benefits to unemployed workers

inventory

the amount of goods on hand

merchandise inventory

the amount of goods on hand for sale to customers

cost of merchandise sold

the total original price of all merchandise sold during a fiscal period

gross profit on sales

the revenue remaining after cost of merchandise sold has been deducted

distribution of net income statement

a partnership financial statement showing net income or loss distribution to each partner

owners' equity statement

a financial statement that summarizes the changes in owners' equity during a fiscal period

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