Create an account
a record summarizing all the information pertaining to a single item in the accounting equation.
the series of accounting activities included in recording financial information for a fiscal period
an equation showing the relationship among assets, liabilities, and owner's equity.
a planned process for providing accounting information that will be useful to management.
accounts payable ledger
a subsidiary ledger containing only account for vendors from whom merchandise or other items are purchase on account
the total amount of depreciation expense that has been recorded since the purchase of a plant asset.
journal entries recorded to update general ledger accounts at the end of a fiscal period
changes recorded on a work sheet to update general ledger accounts at the end of the fiscal period.
allowance method of recording losses from uncollectible accounts
Crediting the estimated value of incollectible accounts to a contra accounts
a financial statement that reports assets, liabilities, and owner's equity on a specific date.
A report of credit card sales produced by a point-of-sale terminal is called a batch report.
The process of preparing a batch report of credit card sales from a poin-of-sale terminal called batching out.
the difference between an assets accounts balance and its related contra account balance.
book value of accounts receivable
the difference between the balance of Accounts Receivable and its contra accounts, Allowance for Uncollectible Accounts
a discount from an invoice given for early payment. 2% discount if you pay in 10, net 30
Cash reciepts journal
A special journal used to record only cash receipt transactions is called a cash receipts journal
A sale in which cash is received for the total amount of sale at the time of the transaction.
percentage relationship between one finnancial statement item and the total that includes that item.
an account that reduces a related account on a financial statement. Ex Owner's Equity-Drawing
an account in a general ledger that summarizes all accounts in a subsidiary ledger
Credit Card Sale
A sale in which a credit card used for the total amount of the sale at the time of the transaction.
A form prepared by the vendor showing the amountdeducted for returns and allowances is called a credit memordaum
A bank card that atomatically deducts the amount of a purchases from the checking account of the cardholder
declaring a dividend
action by a board of directors to distribute corporate earnings to stockholders
the portion of a plant asset's cost that is transferred to an expense accounts in each fiscal period during a plant assets useful life.
Earnings per share
the amount of net income after federal income tax belonging to a single share of stock
Electronic Funds Transfer
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents
employee earnings record
a business form used to record details affecting payments made to an employee
estimated salvage value
the amount an owner expects to receive when a plant asset is removed from use
federal unemployment tax
a federal tax used for state & federal administrative expenses of the unemployment program. It is 6.2% of the first $7,000 earned by each employee
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current
financial reports that summarize the financial condition and operations of a business.
the amount remaining after the value of all liabilities is subtracted from the value of its assests.
The relationship between the market value per share and earnings per share of a stock
Determining that the amount of cash agrees with the balance of the cash account in the accounting records
Retail Merchandising Business
A Merchandising business that sells to those who use or consume the goods.
Credit allowed a customer for part of the sales price of merchandise that is not returned, resulting in a decreased in the vendor's accounts rec.
schedule of account payable
a listing of vendor accounts, account balances, and total amount due all vendors
schedule of account receivable
a listing of customer accounts, account balances, and total amount due from all customers
Statement of stockholders equity
A financial statement that shows changes in a coporations ownership
straight-line method of depreciation
charging an equal amount of depreciation expense for a plant asset in each year
A report preapred to give details about an item on a principal financial statement
accounts used to accumulate information until it is transferred to the owner's capital account
The report that summarizes the cash and credit card sales of a point-of-sale terminal.
Wholesale Merchandising Business
a business that buys and resells merchandise to retail merchandising businesses.
a deduction from total earnings for each person legally supported by a tax payer
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