Study sets matching "accounting vocabulary"

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Study sets matching "accounting vocabulary"

Accounting Chapter 8 Vocabulary
Accounting cycle
Audit
Audit trail
Auditor
The series of accounting activities included in recording fin…
An examination of financial records, accounts, and supporting…
A paper or electronic path that provides a documented history…
The accountant who conducts the audit.
Accounting cycle
The series of accounting activities included in recording fin…
Audit
An examination of financial records, accounts, and supporting…
35 terms
accounting vocabulary
COGAFS
COGS
Gross Profit
Net Income
beg. inventory + net purchase + freight in
COGAFS - Ending Inventory
Sales - COGS
Gross Profit - Operating Expenses +/- income/expenses from ot…
COGAFS
beg. inventory + net purchase + freight in
COGS
COGAFS - Ending Inventory
Accounting Vocabulary
Accounting (n) ... Accounting or accounta…
To accumulate... Of course, investors mus…
Asset (n) , sting of value
Audit (n)... Audit (verb)... The company was…
Comptabilité.... Est la mesure par le traitement et la communica…
Accumuler (verb)... Cumul des gains, les investisseurs doivent p…
Un bien, une chose de valeur
Une vérification... Apurer ou contrôler, auditer... La société a fa…
Accounting (n) ... Accounting or accounta…
Comptabilité.... Est la mesure par le traitement et la communica…
To accumulate... Of course, investors mus…
Accumuler (verb)... Cumul des gains, les investisseurs doivent p…
Accounting Chapter 5 Vocabulary
Accounting clerk
Bank statement
Blank endorsement
Canceled check
An accounting worker who processes routine details about acco…
A report of deposits, withdrawals, and bank balances sent to…
An endorsement consisting only of the endorser's signature.
A check which has been paid by the bank.
Accounting clerk
An accounting worker who processes routine details about acco…
Bank statement
A report of deposits, withdrawals, and bank balances sent to…
Accounting Chapter 6 Vocabulary
Accounting period
Accrual basis of accounting
Adjusted trial balance
Adjusting entries
See fiscal period.
Reporting income when earned and expenses when incurred.
trial balance prepared after adjusting entries are posted.
Journal entries recorded to update general ledger accounts at…
Accounting period
See fiscal period.
Accrual basis of accounting
Reporting income when earned and expenses when incurred.
Accounting Vocabulary
Define Asset
Define Liability
Going Concern Assumption
Cost Benefit Principle
Resources owned by a company, which have future economic valu…
An obligation of a company
An accounting guideline which allows readers of financial sta…
If the cost of providing financial information outweighs the…
Define Asset
Resources owned by a company, which have future economic valu…
Define Liability
An obligation of a company
Accounting Chapter 3 Vocabulary
Check
Double-entry accounting
Entry
Invoice
A business form ordering a bank to pay cash from a bank accou…
The recording of debit and credit parts of a transaction.
Information for each transaction recorded in a journal.
A form describing the goods or services sold, the quantity, t…
Check
A business form ordering a bank to pay cash from a bank accou…
Double-entry accounting
The recording of debit and credit parts of a transaction.
Chapter 10 Accounting Vocabulary
Batch Report
Batching Out
Cash Receipts Journal
Credit Card Sale
A report of credit card sales produced by a point-of-sale ter…
The process of preparing a batch report of credit card sales…
A special journal used to record only cash receipt transactions
A sale in which a credit card is used for the total amount of…
Batch Report
A report of credit card sales produced by a point-of-sale ter…
Batching Out
The process of preparing a batch report of credit card sales…
Accounting Chapter 3 Vocabulary
Check
Double-entry accounting
Entry
Invoice
A business form ordering a bank to pay cash from a bank accou…
The recording of debit and credit parts of a transaction.
Information for each transaction recorded in a journal.
A form describing the goods or services sold, the quantity, t…
Check
A business form ordering a bank to pay cash from a bank accou…
Double-entry accounting
The recording of debit and credit parts of a transaction.
38 terms
Accounting Vocabulary Chps 1 - 3
account
account balance
account title
accounting
a record summarizing all the information pertaining to a sing…
the amount in an account
the name given to an account
planning, recording, analyzing, and interpreting financial in…
account
a record summarizing all the information pertaining to a sing…
account balance
the amount in an account
48 terms
Accounting Vocabulary
account payable
accounting
accounting equation
asset
A liability backed by the general reputation and credit stand…
The information system that measures business activities, pro…
The most basic tool of accounting: Assets = Liabilities + Own…
An economic resource that is expected to be of benefit in the…
account payable
A liability backed by the general reputation and credit stand…
accounting
The information system that measures business activities, pro…
47 terms
Accounting Vocabulary
Stockholder
Component Percentage
Contra Account
Cash Short
An owner of one or more shares of a corporation
The percentage relationship between one financial statement i…
An account that reduces a related account on a financial stat…
A petty cash on hand amount that is less than a recorded amount
Stockholder
An owner of one or more shares of a corporation
Component Percentage
The percentage relationship between one financial statement i…
30 terms
Accounting Vocabulary Chapters 13 - 16
federal unemployment tax
lookback period
state unemployment tax
accumulated depreciation
a federal tax used for state and federal administrative expen…
the 12-month period that ends on June 30th of the prior year
a state tax used to pay benefits to unemployed workers
the total amount of depreciation expense that has been record…
federal unemployment tax
a federal tax used for state and federal administrative expen…
lookback period
the 12-month period that ends on June 30th of the prior year
Chapter 5 Accounting Vocabulary
bank statement
blank endorsement
checking account
code of conduct
A report of deposits, withdrawals, and bank balances set to t…
An endorsement consisting of only the endorser's signature
A bank account from which payments can be ordered by depositors
A statement that guides the ethical behavior of a company and…
bank statement
A report of deposits, withdrawals, and bank balances set to t…
blank endorsement
An endorsement consisting of only the endorser's signature
26 terms
Lesson 4 Accounting Vocabulary
Accounting equation
Accounts payable
Accounts receivable
Assets
Assets = Liabilities plus Owner's Equity (A = L + OE). This i…
The amount of money owed to others for goods or services boug…
The money owed to a company for services rendered or goods pu…
The money and things a company owns or controls.
Accounting equation
Assets = Liabilities plus Owner's Equity (A = L + OE). This i…
Accounts payable
The amount of money owed to others for goods or services boug…
45 terms
vocabulary for accounting
Accounting
Accounting system
Accounting records
Financial statement
Planning, recording, analyzing and interpreting
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities
Financial reports that summarize the financial condition and…
Accounting
Planning, recording, analyzing and interpreting
Accounting system
A planned process for providing financial information that wi…
Accounting Ch.5 Vocabulary
A bank account from which payments can…
a form showing proof of a petty cash p…
a petty cash on hand amount that is mo…
a bank card that automatically deducts…
Checking Account
Petty Cash Slip
Cash Over
Debit Card
A bank account from which payments can…
Checking Account
a form showing proof of a petty cash p…
Petty Cash Slip
10 terms
Vocabulary 3 ACCOUNTING
account balance
account title
accounting
accounting records
the amount in an account
the name given to an account
planning, recording, analyzing, and interpreting financial in…
organized summaries of a business's financial activities
account balance
the amount in an account
account title
the name given to an account
Accounting Chapter 14 Vocabulary
subsidiary ledger
cash discount
contra account
bankcard
A ______ is a book that is summarized in a controlling accoun…
The amount a costomer may deduct if the payment deduct if the…
An account whose balance decreases another account's balance…
A _______ is a credit card issued by a bank and honored by ma…
subsidiary ledger
A ______ is a book that is summarized in a controlling accoun…
cash discount
The amount a costomer may deduct if the payment deduct if the…
Chapter 2 Accounting II Vocabulary
credit memorandum
Point of Sale (POS) terminal
Terminal Summary
invoice
a form prepared by the vendor showing the amount deducted for…
a specialized computer used to collet store , and report all…
the report that summarizes the cash and credit card sales of…
The source document for a sale on account
credit memorandum
a form prepared by the vendor showing the amount deducted for…
Point of Sale (POS) terminal
a specialized computer used to collet store , and report all…
10 terms
Vocabulary 8 ACCOUNTING
bank statement
blank endorsement
checking account
code of conduct
a report of deposits, withdrawals, and bank balances sent to…
an endorsement consisting only of the endorser's signature
a bank account from which payments can be ordered by a deposi…
a statement that guides the ethical behavior of a company and…
bank statement
a report of deposits, withdrawals, and bank balances sent to…
blank endorsement
an endorsement consisting only of the endorser's signature
10 terms
Vocabulary 8 ACCOUNTING
bank statement
blank endorsement
checking account
code of conduct
a report of deposits, withdrawals, and bank balances sent to…
an endorsement consisting only of the endorser's signature
a bank account from which payments can be ordered by a deposi…
a statement that guides the ethical behavior of a company and…
bank statement
a report of deposits, withdrawals, and bank balances sent to…
blank endorsement
an endorsement consisting only of the endorser's signature
37 terms
Accounting Vocabulary Chapters 7-9
component percentage
stakeholders
accounting cycle
adjusting entries
the percentage relationship between one financial statement i…
any persons or groups who will be affected by an action
the series of accounting activities included in recording fin…
journal entries recorded to update general ledger accounts at…
component percentage
the percentage relationship between one financial statement i…
stakeholders
any persons or groups who will be affected by an action
32 terms
Accounting Vocabulary Chapters 10 - 12
batch report
batching out
cash receipts journal
cash sale
a report of credit card sales produced by a point-of-sale ter…
the process of preparing a batch report of credit card sales…
a special journal used to record only cash receipt transactions
a sale in which cash is received for the total amount of the…
batch report
a report of credit card sales produced by a point-of-sale ter…
batching out
the process of preparing a batch report of credit card sales…
10 terms
Accounting Chapter 2 Vocabulary
t account
debit
credit
normal balance
An accounting device used to analyze transactions
An amount recorded on the left side
An amount recorded on the right side
The side of account that is increased
t account
An accounting device used to analyze transactions
debit
An amount recorded on the left side
10 terms
Vocabulary 12 Terms Accounting
Bank statement
Check register
Balancing a checkbook
Pre-authorized payments
a printed record of the balance in a bank account and the amo…
the journal used to record all of the checks, cash payments,…
means you've recorded all additions (deposits) made to your a…
directs the bank to transfer a specific amount of money from…
Bank statement
a printed record of the balance in a bank account and the amo…
Check register
the journal used to record all of the checks, cash payments,…
25 terms
Accounting Chapter 1 Vocabulary
Accounting
Accounting System
Accounting Records
Financial Statements
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condiion and o…
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
A planned process for providing financial information that wi…
24 terms
Accounting Chapter 8 Vocabulary
Acquisition Cost
Amortization
Capitalized Interest
Copyright
The net cash equivalent amount paid or to be paid for an asset
Systematic and rational allocation of the acquisition cost of…
Interest expenditures included in the cost of a self-construc…
Exclusive right to publish, use, and sell a literary, musical…
Acquisition Cost
The net cash equivalent amount paid or to be paid for an asset
Amortization
Systematic and rational allocation of the acquisition cost of…
Accounting Final Vocabulary Review
Accounting Equation
Adjusting Entries
Balance Sheet
Chart of Accounts
An equation showing the relationship among assets, liabilitie…
Journal entries recorded to update general ledger accounts at…
A financial statement that reports assets, liabilities, and o…
A list of accounts used by a business.
Accounting Equation
An equation showing the relationship among assets, liabilitie…
Adjusting Entries
Journal entries recorded to update general ledger accounts at…
22 terms
Accounting Vocabulary
asset
owner's equity
accounting system
accounting record
anything of value owned
the amount remaining after the value of all liabilities is su…
a planned process for providing financial information that wi…
organized summaries of a business's financial activities
asset
anything of value owned
owner's equity
the amount remaining after the value of all liabilities is su…
14 terms
Vocabulary Accounting
Managerial Accounting
FASB
Costs of Principle
Assets
The field of Accounting that focuses on providing information…
Financial Accounting Standards Board; The private organizatio…
A principle that states that acquired assets and services sho…
Economic resources that are expected to benefit the business…
Managerial Accounting
The field of Accounting that focuses on providing information…
FASB
Financial Accounting Standards Board; The private organizatio…
15 terms
Chapter 1 Accounting Vocabulary
Stakeholders
Lenders
Investors
Sarbarnes-Oxley Act
All the people who stand to gain or lose by the policies and…
People who lend money to a firm and want to be paid back (ie…
People who invest in a firm and want their investments to inc…
Protect investors by improving accuracy and reliability of co…
Stakeholders
All the people who stand to gain or lose by the policies and…
Lenders
People who lend money to a firm and want to be paid back (ie…
12 terms
Accounting Vocabulary
Accounts Receivable
Accounts Payable
Asset
Liabilities
The amount owed by costumers
Money owed for credit purchases
Things owned, such as cash and buildings
Claims against assets or thing owed- the debts of a business
Accounts Receivable
The amount owed by costumers
Accounts Payable
Money owed for credit purchases
12 terms
accounting vocabulary
accounts receivable
accounts payable
asset
liabilities
the amount owned by customers
money owed for credit purchases
things owned such as cash and buildings
claims against assets or things owed--the debts of a business
accounts receivable
the amount owned by customers
accounts payable
money owed for credit purchases
Accounting Vocabulary
Accounts payable ledger
Controlling account
Cost of merchandise
Cost of merchandise sold
A subsidiary ledger containing only accounts for vendors from…
An account in a general ledger that summarizes all account is…
The price a business pays for goods it purchases to sell.
The total original price of all merchandise sold during a fis…
Accounts payable ledger
A subsidiary ledger containing only accounts for vendors from…
Controlling account
An account in a general ledger that summarizes all account is…
Accounting Vocabulary
Accelerated Depreciation
Account
Account Balance
Accounts Payable
Accelerated depreciation is a depreciation method whereby lar…
A named entity to which debits and credits are posted. Each a…
Account balance is defined as the difference between the sum…
a liability account that tracks the sum of money a business o…
Accelerated Depreciation
Accelerated depreciation is a depreciation method whereby lar…
Account
A named entity to which debits and credits are posted. Each a…
27 terms
Accounting Vocabulary
Accounting
Accounting System
Financial Statement
Net Worth Statement
The process of planning, recording, analyzing, and interpreti…
A planned process designed to compile financial data and summ…
Financial reports that summarize the financial condition and…
A formal report that shows what an individual owns, what an i…
Accounting
The process of planning, recording, analyzing, and interpreti…
Accounting System
A planned process designed to compile financial data and summ…
Accounting Vocabulary
Natural Resources
Intangible Assets
Revenue
Stock Split
materials or substances such as minerals, forests, water, and…
an asset that is not physical in nature. Corporate intellectu…
income, especially when of a company or organization and of a…
an issue of new shares in a company to existing shareholders…
Natural Resources
materials or substances such as minerals, forests, water, and…
Intangible Assets
an asset that is not physical in nature. Corporate intellectu…
27 terms
Accounting Vocabulary
Merchandise
Merchandising Business
Corporation
share of stock
goods that a business purchases to sell
a business that purchases and sells goods
an organization with the legal rights of a person and which m…
each unit of ownership in a corporation
Merchandise
goods that a business purchases to sell
Merchandising Business
a business that purchases and sells goods
accounting vocabulary
account
equity
ethics
accounting
a record summarizing all the information pertaining to a sing…
financial rights to the assets of a business
the principles of right and wrong that guide an individual in…
planning, recording analyzing and interpreting financial info…
account
a record summarizing all the information pertaining to a sing…
equity
financial rights to the assets of a business
13 terms
Accounting Vocabulary
Accountant
Accounting Clerk
Audit
Certified public accountant
A person whose job is to keep or inspect financial accountants
Records transaction. Can vary from specializing in one part o…
Review of companies accounting systems and financial statemen…
An accountant who has a certain education and experience requ…
Accountant
A person whose job is to keep or inspect financial accountants
Accounting Clerk
Records transaction. Can vary from specializing in one part o…
22 terms
Accounting Vocabulary
Accounting
Accounting System
Accounting Records
Financial Statements
planning, recording, analyzing, and interpreting financial in…
a planned process for providing financial information that wi…
organized summaries of a business's financial activates
financial reports that summarize the financial conditions and…
Accounting
planning, recording, analyzing, and interpreting financial in…
Accounting System
a planned process for providing financial information that wi…
Accounting Vocabulary
the process of planning, recording, an…
a planned process designed to compile…
financial reports that summarize the f…
a formal report that shows what an ind…
accounting
accounting system
financial statements
net worth statement
the process of planning, recording, an…
accounting
a planned process designed to compile…
accounting system
27 terms
Accounting vocabulary
The process of planning, recording, an…
A planned process designed to compile…
Financial reports that summarize the f…
A formal report that shows what an ind…
Accounting
Accounting system
Financial statements
Net worth statement
The process of planning, recording, an…
Accounting
A planned process designed to compile…
Accounting system
22 terms
Accounting vocabulary
Accounting
Accounting system
Accounting records
Financial statements
Planning, recording, analyzing, and interpreting financial in…
A planned process for providing financial information that wi…
Organized summaries of a business's financial activities.
Financial reports that summarize the financial condition and…
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting system
A planned process for providing financial information that wi…
Accounting Vocabulary
account
accountant
accounting clerk
accounting cycle
a subdivision under assets, liabilities, or owners equity tha…
a person who handles a broad range of responsibilities, makes…
an entry-level job that can vary from specializing in one par…
activities performed in an accounting period that help the bu…
account
a subdivision under assets, liabilities, or owners equity tha…
accountant
a person who handles a broad range of responsibilities, makes…
Accounting Vocabulary
Liabilities
Assets
Stockholders' Equity
Common Stock
Claims against assets. They are existing debts and obligations.
Resources owned by a business. They are used in carrying out…
The ownership claims on total assets. It is equal to total as…
A corporation may obtain funds by selling shares of stock to…
Liabilities
Claims against assets. They are existing debts and obligations.
Assets
Resources owned by a business. They are used in carrying out…
11 terms
Accounting vocabulary
Chart of accounts
Notes receivable (Increase In?)
Prepaid expense (II?)
Unearned Liability
A list of all of a companys accounts with their account numbers
A written promise that a customer will pay a fixed amount of…
A payment of expense in advance ... Debit increase in
A liability created when the business collects cash from cust…
Chart of accounts
A list of all of a companys accounts with their account numbers
Notes receivable (Increase In?)
A written promise that a customer will pay a fixed amount of…
8 terms
Accounting Vocabulary
ALOE
Asset
Liability
Net Worth
Asset, Liability, Owners, Equality
property owned by a person or company, regarded as having val…
the state of being responsible for something, especially by law
is a concept applicable to individuals and businesses as a ke…
ALOE
Asset, Liability, Owners, Equality
Asset
property owned by a person or company, regarded as having val…
13 terms
Accounting Vocabulary
Accounting
Accounting System
Accounting Records
Financial Statements
Planning, recording, analyzing, and interpreting financial in…
Planned process for providing financial information that will…
Organized summaries of a business's financial activities
Financial reports that summarize that financial condition and…
Accounting
Planning, recording, analyzing, and interpreting financial in…
Accounting System
Planned process for providing financial information that will…
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