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80 terms

Accounting

Accounting for Funeral Service
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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