Accounting
About this set
Created by:
LBosher on September 4, 2011
Subjects:
accounting for funeral service
Description:
Accounting for Funeral Service
Classes:
DIFS Semester Five, DIFS Semester Two
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80 terms
Terms | Definitions |
|---|---|
 The transferal of data from journal tot he ledger is: | Posting |
| The process of bring together various items of info to determine or explain a result is: | Summarizing |
| A list of all of the account title and their numbers found in the front of the ledger is: | Chart of Accounts |
| The issuance of a check on a bank without sufficient funds to cover payment when presented is called: | Insufficient Funds (NSF) |
| A 12-month period beginning January 1 and ending Dcember 31 is known as: | Calendar year |
| Entries made at the conclusion of a fiscal period to bring accounts up to date are called: | Closing |
| Cash or other assets which will normally be converted into cash or consumed within one year are: | Current assets |
| Debts that must be paid within one year are: | Current liabilities |
| The loss in value of a fixed asset due to wear and tear and the passage of time is: | Depreciation |
| Explaining the significant events or development that occur usually taking the form of analysis and comparisons is: | Intepreting |
| Northern Funeral Home started a business by investing $50,000 in cash. The appropriate entry would be: | Debit Cash/Credit Owner's Equity (Capital) |
| When a funeral home makes a payment on a funeral coach which was purchased on credit, the transaction would be recorded by: | Debit Cash/Credit Accounts Payable |
| The process beginning with the journal and ending with a post-closing trial balance is known as: | Accounting Cycle |
| The adjusting entry for the depreciation expense of embalming equipment for the period includes which of the following entries: | Debit Depreciation Expense - Equipment/Credit Accumulated Depreciation - Equipment |
| What is another term for Property, Plant and Equipment assets: | Long Term Assets |
| The cost of a fixed asset less accumulated depreciation is: | Book value (Undepreciated Cost) |
| A multi-column form used to assemble, compute and summarize the data required at the end of eeach payroll period is: | Payroll register |
| Assets that will be consumed as they are used up are called: | Supplies |
| After the accounts are closed and the journal entries have been posted, which accounts do not have a balance | Temporary owner's equity accounts |
| If ABC Funeral Home sells a funeral service on account (30 day); the entry would be recorded as: | Credit Accounts Receivable/Debit Revenue |
| The federal act which funds the administration of the federal and state unemployment compensation programs is: | FUTA (Federal Unemployment Tax Act) |
| At the end of the business day the cash register tape shows a cash shortage. The following journal entry should be made: | Credit Cash/Debit Cash Short & Over |
| The check written to establish the petty cash fund is usually entered in the journal by: | Establish Petty Cash Fund |
| Assets = Liabilities + Owners Equity is the: | Basic Accounting Equation |
| The petty cash disbursement record is: | Petty Cash Payments Record |
| A check is: | a document ordering a bank to pay cash from a depositor's account. The are 3 parties to every check: (1) Drawer - the depositor (2) Drawee - the bank (3) Payee - pay to the order of |
| One who is involved in the process of recording info in the accounting process is know as the: | Accounting clerks |
| The difference between the total debits and the total credits is called the: | Account Balance |
| The "statement of financial condition" is also known as: | Balance Sheet |
| What provides the needed information to record transactions in a journal | Journalizing |
| In accounting, to record in the order of time is: | Chronological |
| A separate owner's equity account in which withdrawals of assets agains profits by the owner are recorded: | Drawing account (owner withdrawals) |
| A total written in small pencil figures: | Footing (pencil footing) |
| A paper showing quality, description, prices of items, total amount of purchase and terms of payment is: | Invoice |
| An item which has been paid for and will be consumed but that not yet been used is: | Inventory |
| Checks not paid by the bank when properly presented: | Dishonored check |
| Any person who agrees to perform a service for a fee and is not subject to the control of those whom he services is called: | Independent contractor |
| An itemized listinig prepared by the bank of additionas to and subtractions from a depositor's account is: | Bank statement |
| List the phases in the accounting process: | 1. Analyzing 2.Recording 3.Classifying 4.Summarizing 5.Reporting 6.Interpreting |
| A condition in which expenses exceed income: | Net loss |
| Compensation for managerial or administrative services is usually called: | Salary |
| An accounting entry that involves more than two accounts: | Compound journal |
| In a check transaction, the bank is the: | Drawee |
| A person who signs a check, ordering payment to be made is: | Endorser |
| Money generated by the actual operation of a business is: | Income/Revenue |
| A signature on the back of a check is a/an: | Endorsement |
| Compensensation for skilled or unskilled labor is called: | Wage |
| An account which offsets another account: | Contra account |
| A written promise to pay a creditor a certain amount in the future: | Notes payable |
| Income before any deductions have been made: | Gross earnings (gross pay) |
| A written order by a buyer for merchandise or other property specified in a purchase requisition is known as a: | Purchase Order |
| A discount offered by a business is a/an: | Cash Discounts |
| Anything owed by a business is a/an: | Liabilities |
| When merchandise is to be returned for credit, a formal request for credit to be granted by the supplier is usually issued by the buyer for the purchase price of the merchandise returned and is called a/an: | Debit memorandum or Debit Memo |
| Upon receipt of returned merchandise, the supplier usually issues a document confirming the amount of credit allowed that is know as a/an: | Credit memorandum or Credit memo |
| The difference between net sales and cost of goods sold is: | Gross Profit/Gross Margin |
| The cost of merchandise purchased during the period less any discounts granted by suppliers and amounts returned to suppliers and amounts of any allowances made by suppliers is called: | Net purchases |
| Posting the total of special columns in a journal at the end of the month is called: | Summary Posting |
| North Funderal Home purchase burial garmets on account. The journal entry would be: | Credit Accounts payable/Debit Purchases - Burial Garments |
| A journal designed for entering only purchases of merchandise on account is called a/an: | Purchases Journal |
| A temporary owner's equity account in which the revenue earned from the sales of merchandise is entered would be: | Purchases |
| To enter a cash sale involving sales tax, the journal entry would be: | Debit Accounts Receivable/Customer and then Credit Sales and Sales tax payable |
| Total sales less the sales price of any goods returned by customers, less any reduction in price given to customers, less cash discounts allowed by the seller is called: | Gross Margin on Sales |
| Beginning inventory + net purchases - ending inventory =: | Cost of Goods sold |
| The difference between the cost of the asset and the accumulated depreciation is the: | Book value or undepreciated cost |
| Banks often use what when cosidering the advisability of making a loan: | Acid Test Ratio (Quick Ratio) |
| Income earned by not received is called: | Accounts Receivable |
| A method of calculating depreciation that accelerates the amount in the first years of the asset's life by use of a fixed percent applied to the book value of the asset is what depreciation method. | Straight line depreciation |
| Cash an all other current assets which are redily realizable in cash are called: | Quick Assets |
| Depreciation reduces the value of the business: | True |
| Depreciation expense would be classified as a/an: | Asset |
| Depreciation is a/an: | The loss in value of a fixed asset due to wear and tear and the passage of time; or, a method of matching the cost of a fixed asset against the revenues that the fixed asset will help produce during its useful life |
| Money paid for the use of money is called: | Interest |
| The excess of current assets over current liabilitis is called: | Net income/profit |
| The receipt of a check for embalming services rendered would be recorded by: | Debit Cash/Credit Accounts Receivable |
| A book in which any of the financial records of a business are first written is a/an: | Journal |
| Double entry bookkeeping means an entry is made: | recording equal debits and credits for a single business transaction |
| Form W-4 is a/an: | Employees' withholding allowance certificate |
| A separate record of each employee's earnings is called a/an: | Employee earnings record |
| Form W-2 is a/an: | Wage and Tax statement; a report furnished by the employer for each employee indicating gross earnings and deductions for income and FICA taxes |
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