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Study sets matching "arkansas accounting 2"

10 terms
Arkansas Accounting 1 Ch. 2
T account
Debit
Credit
Normal Balance
an accounting device used to analyze transactions
an amount recorded on the left side of an account
an amount recorded on the right side of an account
the side of an account that is increased
T account
an accounting device used to analyze transactions
Debit
an amount recorded on the left side of an account
44 terms
Arkansas Accounting I Unit 2
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
44 terms
Arkansas Accounting I Unit 2
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
Arkansas Accounting I Unit 2
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
71 terms
Arkansas Accounting I Unit 1, Arkansas Accounting I Unit 2
Accountant
Accounting
Accounting concepts
Accounting period cycle
a person who plans, summarizes, analyzes, and interprets acco…
planning, recording, analyzing, and interpreting financial in…
commonly accepted concepts that guide accounting personnel in…
changes in financial information are reported for a specific…
Accountant
a person who plans, summarizes, analyzes, and interprets acco…
Accounting
planning, recording, analyzing, and interpreting financial in…
10 terms
Arkansas Accounting 1 Ch. 2 Practice Test
T account
Debit
Credit
Normal Balance
an accounting device used to analyze transactions
an amount recorded on the left side of an account
an amount recorded on the right side of an account
the side of an account that is increased
T account
an accounting device used to analyze transactions
Debit
an amount recorded on the left side of an account
44 terms
Computerized Accounting 1 - Unit 2 (Arkansas)
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
44 terms
Arkansas Accounting I Unit 2
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
82 terms
Arkansas Accounting Unit 1, 2, & 3
Accountant
Accounting
Accounting concepts
Accounting period cycle
a person who plans, summarizes, analyzes, and interprets acco…
planning, recording, analyzing, and interpreting financial in…
commonly accepted concepts that guide accounting personnel in…
changes in financial information are reported for a specific…
Accountant
a person who plans, summarizes, analyzes, and interprets acco…
Accounting
planning, recording, analyzing, and interpreting financial in…
17 terms
Accounting Chapter 15 - Arkansas
unadjusted trial balance
beginning inventory
ending inventory
accrued revenue
a trial balance prepared before adjusting entries are posted
the amount of inventory on hand at the beginning of a fiscal…
the actual count of merchandise at the end of a fiscal period
revenue earned in one fiscal period but not received until a…
unadjusted trial balance
a trial balance prepared before adjusting entries are posted
beginning inventory
the amount of inventory on hand at the beginning of a fiscal…
Accounting 2 Test #1 (University of Arkansas)
Direct costs
Indirect costs
Manufacturing overhead
Product costs
Easily traceable (ex. direct material)
uneasy to trace (ex. manufacturing overhead)
costs that cant be easily traced to specific units (ex. indir…
includes direct materials, direct labor, and MOH. Assigned to…
Direct costs
Easily traceable (ex. direct material)
Indirect costs
uneasy to trace (ex. manufacturing overhead)
44 terms
Computerized Accounting 1 - Unit 2 (Arkansas)
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
Computerized Accounting 1 - Unit 2 (Arkansas)
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
11 terms
Arkansas Accounting I - Accounting Concepts
Historical cost concept
Accounting period cycle concept
Adequate disclosure concept
Business entity concept
the actual amount paid for merchandise or other items bought…
changes in financial information are reported for a specific…
financial statements that contain all information necessary t…
financial information is recorded and reported separately fro…
Historical cost concept
the actual amount paid for merchandise or other items bought…
Accounting period cycle concept
changes in financial information are reported for a specific…
8 terms
Arkansas Accounting Chapter 13
941
Employer's payroll taxes
Federal unemployment tax
State unemployment tax
employer's quarterly federal tax return
taxes owed to the government by the employer based on payroll
a federal tax paid by employers to provide funds for workers…
a state tax paid by employers to provide funds for workers wh…
941
employer's quarterly federal tax return
Employer's payroll taxes
taxes owed to the government by the employer based on payroll
27 terms
Arkansas Accounting Chapter 12
wage
salary
commission
pay period
the amount paid to an employee for every hour worked
a fixed annual sum of money divided among equal pay periods
a method of paying an employee based on the amount of sales t…
period covered by a salary payment
wage
the amount paid to an employee for every hour worked
salary
a fixed annual sum of money divided among equal pay periods
11 terms
Arkansas Accounting I - Accounting Concepts
Historical cost concept
Accounting period cycle concept
Adequate disclosure concept
Business entity concept
the actual amount paid for merchandise or other items bought…
changes in financial information are reported for a specific…
financial statements that contain all information necessary t…
financial information is recorded and reported separately fro…
Historical cost concept
the actual amount paid for merchandise or other items bought…
Accounting period cycle concept
changes in financial information are reported for a specific…
13 terms
Accounting Chapter 10 Arkansas
sales tax
schedule of accounts receivable
terminal summary
markup
a tax on a sale of merchandise or services
a listing of customer accounts, account balances, and total a…
the report that summarizes the cash and credit card sales of…
the amount added to the cost of merchandise to establish the…
sales tax
a tax on a sale of merchandise or services
schedule of accounts receivable
a listing of customer accounts, account balances, and total a…
38 terms
Accounting 2 Test #1 (University of Arkansas)
Direct costs
Indirect costs
Manufacturing overhead
Product costs
Easily traceable (ex. direct material)
uneasy to trace (ex. manufacturing overhead)
costs that cant be easily traced to specific units (ex. indir…
includes direct materials, direct labor, and MOH. Assigned to…
Direct costs
Easily traceable (ex. direct material)
Indirect costs
uneasy to trace (ex. manufacturing overhead)
22 terms
Computerized Accounting 1 - Unit 2 (Arkansas)
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
27 terms
Arkansas Accounting I Unit 1
Accountant
Accounting
Accounting concepts
Accounting period cycle
a person who plans, summarizes, analyzes, and interprets acco…
planning, recording, analyzing, and interpreting financial in…
commonly accepted concepts that guide accounting personnel in…
changes in financial information are reported for a specific…
Accountant
a person who plans, summarizes, analyzes, and interprets acco…
Accounting
planning, recording, analyzing, and interpreting financial in…
12 terms
Arkansas Accounting I Unit 3
Automated teller machine (ATM)
Bank reconciliation
Bank statement
Blank endorsement
electronic machine from which cash deposits and withdrawals c…
bringing into agreement a bank statement with a party's cash…
a report of deposits, withdrawals, and bank balances sent to…
an endorsement that consists only of the endorser's signature…
Automated teller machine (ATM)
electronic machine from which cash deposits and withdrawals c…
Bank reconciliation
bringing into agreement a bank statement with a party's cash…
27 terms
Arkansas Accounting I Unit 1
Accountant
Accounting
Accounting concepts
Accounting period cycle
a person who plans, summarizes, analyzes, and interprets acco…
planning, recording, analyzing, and interpreting financial in…
commonly accepted concepts that guide accounting personnel in…
changes in financial information are reported for a specific…
Accountant
a person who plans, summarizes, analyzes, and interprets acco…
Accounting
planning, recording, analyzing, and interpreting financial in…
106 terms
Arkansas EOC - Accounting
Accountant
Accounting
Accounting concepts
Bookkeeper
a person who plans, summarizes, analyzes, and interprets acco…
planning, recording, analyzing, and interpreting financial in…
ten commonly accepted concepts that guide accounting personne…
a person who does general accounting work plus some summarizi…
Accountant
a person who plans, summarizes, analyzes, and interprets acco…
Accounting
planning, recording, analyzing, and interpreting financial in…
18 terms
Arkansas Accounting I Unit 5
941
Employee earnings record
Employer's payroll taxes
Federal unemployment tax
employer's quarterly federal tax return
business form used to record details affecting payments made…
taxes owed to the government by the employer based on payroll
tax paid by employers to provide funds for workers who are te…
941
employer's quarterly federal tax return
Employee earnings record
business form used to record details affecting payments made…
11 terms
Arkansas Accounting I - Accounting Concepts
Historical cost concept
Accounting period cycle concept
Adequate disclosure concept
Business entity concept
the actual amount paid for merchandise or other items bought…
changes in financial information are reported for a specific…
financial statements that contain all information necessary t…
financial information is recorded and reported separately fro…
Historical cost concept
the actual amount paid for merchandise or other items bought…
Accounting period cycle concept
changes in financial information are reported for a specific…
36 terms
Arkansas Accounting Ch. 9
accounts payable ledger
capital stock
corporation
cash discount
a subsidiary ledger containing only accounts for vendors from…
total amount of a firm's capital, represented by the value of…
business that meets certain legal requirements to be recogniz…
incentive offered by a seller to a buyer for settling the inv…
accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
capital stock
total amount of a firm's capital, represented by the value of…
11 terms
Arkansas Accounting Ch. 11
purchases return
purchases allowance
debit memorandum
sales return
credit allowed for the purchase price of returned merchandise…
credit allowed for part of the purchase price of merchandise…
form or letter issued by a seller to advise the amount owed b…
credit allowed a customer for the sales price of returned mer…
purchases return
credit allowed for the purchase price of returned merchandise…
purchases allowance
credit allowed for part of the purchase price of merchandise…
11 terms
Arkansas Accounting I - Accounting Concepts
Historical cost concept
Accounting period cycle concept
Adequate disclosure concept
Business entity concept
the actual amount paid for merchandise or other items bought…
changes in financial information are reported for a specific…
financial statements that contain all information necessary t…
financial information is recorded and reported separately fro…
Historical cost concept
the actual amount paid for merchandise or other items bought…
Accounting period cycle concept
changes in financial information are reported for a specific…
44 terms
Unit 2 Basic Accounting Cycle - Service Business (Arkansas)
Account
Account balance
Account number
Account title
a record summarizing all the information pertaining to a sing…
the amount in an account
the number assigned to an account
the name given to an account
Account
a record summarizing all the information pertaining to a sing…
Account balance
the amount in an account
18 terms
Arkansas Accounting I Unit 5
941
Employee earnings record
Employer's payroll taxes
Federal unemployment tax
employer's quarterly federal tax return
business form used to record details affecting payments made…
taxes owed to the government by the employer based on payroll
tax paid by employers to provide funds for workers who are te…
941
employer's quarterly federal tax return
Employee earnings record
business form used to record details affecting payments made…
56 terms
Arkansas Accounting I Unit 4
Accounts payable ledger
Accounts receivable ledger
Batch report
Batching out
a subsidiary ledger containing only accounts for vendors from…
a subsidiary ledger containing only accounts for charge custo…
a report which gives performance information over a specific…
closing out all the transactions on the system that were proc…
Accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
Accounts receivable ledger
a subsidiary ledger containing only accounts for charge custo…
12 terms
Arkansas Accounting I Unit 3
Automated teller machine (ATM)
Bank reconciliation
Bank statement
Blank endorsement
electronic machine from which cash deposits and withdrawals c…
bringing into agreement a bank statement with a party's cash…
a report of deposits, withdrawals, and bank balances sent to…
an endorsement that consists only of the endorser's signature…
Automated teller machine (ATM)
electronic machine from which cash deposits and withdrawals c…
Bank reconciliation
bringing into agreement a bank statement with a party's cash…
15 terms
Arkansas Accounting 1 Chapter 6
Consistent Reporting
Fiscal Period
Fiscal Year
Trial Balance
The accounting concept that says the same accounting procedur…
The length of time for which a business summarizes its financ…
A fiscal period consisting of 12 consecutive months
A proof of the equality of debits and credits in a general le…
Consistent Reporting
The accounting concept that says the same accounting procedur…
Fiscal Period
The length of time for which a business summarizes its financ…
56 terms
Arkansas Accounting I Unit 4
Accounts payable ledger
Accounts receivable ledger
Batch report
Batching out
a subsidiary ledger containing only accounts for vendors from…
a subsidiary ledger containing only accounts for charge custo…
a report which gives performance information over a specific…
closing out all the transactions on the system that were proc…
Accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
Accounts receivable ledger
a subsidiary ledger containing only accounts for charge custo…
20 terms
Arkansas Accounting 1 Chapter 5
postdated check
voided check
bank statement
canceled check
a check with a future date on it
a check that cannot be processed because the maker has made i…
a report of deposits, withdrawals, and bank balances sent to…
a check which has been paid by the bank
postdated check
a check with a future date on it
voided check
a check that cannot be processed because the maker has made i…
11 terms
Arkansas Accounting Concepts
Accounting Period Cycle
Adequate Disclosure
Business Entity
Consistent Reporting
Changes in financial information are reported for a specific…
Financial statements contain all information necessary to und…
Financial information is recorded and reported separately fro…
The same accounting procedures must be followed in the same w…
Accounting Period Cycle
Changes in financial information are reported for a specific…
Adequate Disclosure
Financial statements contain all information necessary to und…
41 terms
Arkansas 2
Diclaim (v): to deny
1 discomfit to make someone feel uneas…
Discount (v) discredit; disregard
Discursive (adj) wandering from topic…
E.g the witness, who first deposed his eye, later disclaimed…
Eg. nothing could discomfit the knowledgeable TV. show host…
the judge discounted the eye witness accounts as heretics.
the french writer, Montaigne , was a master of the discursive…
Diclaim (v): to deny
E.g the witness, who first deposed his eye, later disclaimed…
1 discomfit to make someone feel uneas…
Eg. nothing could discomfit the knowledgeable TV. show host…
15 terms
Arkansas Accounting 1 Chapter 6
Consistent Reporting
Fiscal Period
Fiscal Year
Trial Balance
The accounting concept that says the same accounting procedur…
The length of time for which a business summarizes its financ…
A fiscal period consisting of 12 consecutive months
A proof of the equality of debits and credits in a general le…
Consistent Reporting
The accounting concept that says the same accounting procedur…
Fiscal Period
The length of time for which a business summarizes its financ…
Arkansas Accounting I Unit 1
Accountant
Accounting
Accounting concepts
Accounting period cycle
a person who plans, summarizes, analyzes, and interprets acco…
planning, recording, analyzing, and interpreting financial in…
commonly accepted concepts that guide accounting personnel in…
changes in financial information are reported for a specific…
Accountant
a person who plans, summarizes, analyzes, and interprets acco…
Accounting
planning, recording, analyzing, and interpreting financial in…
18 terms
Unit 5 Payroll Accounting (Arkansas)
941
Employee earnings record
Employer's payroll taxes
Federal unemployment tax
employer's quarterly federal tax return
business form used to record details affecting payments made…
taxes owed to the government by the employer based on payroll
tax paid by employers to provide funds for workers who are te…
941
employer's quarterly federal tax return
Employee earnings record
business form used to record details affecting payments made…
20 terms
Arkansas Accounting 1 Chapter 5
postdated check
voided check
bank statement
canceled check
a check with a future date on it
a check that cannot be processed because the maker has made i…
a report of deposits, withdrawals, and bank balances sent to…
a check which has been paid by the bank
postdated check
a check with a future date on it
voided check
a check that cannot be processed because the maker has made i…
106 terms
Arkansas EOC - Accounting
Accountant
Accounting
Accounting concepts
Bookkeeper
a person who plans, summarizes, analyzes, and interprets acco…
planning, recording, analyzing, and interpreting financial in…
ten commonly accepted concepts that guide accounting personne…
a person who does general accounting work plus some summarizi…
Accountant
a person who plans, summarizes, analyzes, and interprets acco…
Accounting
planning, recording, analyzing, and interpreting financial in…
55 terms
Arkansas Accounting II Unit Three
Accounts receivable turnover ratio
Accrued expenses
Accrued revenue
Aging accounts receivable
the number of times the average amount of accounts receivable…
expenses incurred in one fiscal period but not paid until a l…
revenue earned in one fiscal period but not received until a…
analyzing accounts receivable according to when they are due
Accounts receivable turnover ratio
the number of times the average amount of accounts receivable…
Accrued expenses
expenses incurred in one fiscal period but not paid until a l…
38 terms
Arkansas Accounting II Unit Four
Additional paid-in-capitol
Amortization
Articles of incorporation
Board of directors
capital received from investors in exchange for stock
to write off a portion of a bond discount or premium over the…
an application to organize a business as a corporation made t…
a group of individuals, elected by stockholders, who govern a…
Additional paid-in-capitol
capital received from investors in exchange for stock
Amortization
to write off a portion of a bond discount or premium over the…
8 terms
ACCOUNTING CYCLE ARKANSAS
STEP ONE
STEP TWO
STEP THREE
STEP FOUR
ANALYZE TRANSACTIONS - SOURCE DOCUMENTS ARE CHECKED FOR ACCUR…
JOURNALIZE - TRANSACTIONS, FROM INFORMATION ON SOURCE DOCUMEN…
POST- JOURNAL ENTRIES ARE POSTED TO THE GENERAL LEDGER
PREPARE WORKSHEET- A WORK SHEET, INCLUDING A TRIAL BALANCE, I…
STEP ONE
ANALYZE TRANSACTIONS - SOURCE DOCUMENTS ARE CHECKED FOR ACCUR…
STEP TWO
JOURNALIZE - TRANSACTIONS, FROM INFORMATION ON SOURCE DOCUMEN…
54 terms
Arkansas Accounting II Unit One
Accountant
Accounting
Accounting clerk
Accounting equation
a person who handles a broad range of jobs related to the mak…
planning, recording, analyzing, and interpreting financial ac…
entry-level job that can vary with the size of the company fr…
an equation showing the relationship among assets, liabilitie…
Accountant
a person who handles a broad range of jobs related to the mak…
Accounting
planning, recording, analyzing, and interpreting financial ac…
12 terms
Computerized Accounting 1 - Unit 3 (Arkansas)
Automated teller machine (ATM)
Bank reconciliation
Bank statement
Blank endorsement
electronic machine from which cash deposits and withdrawals c…
bringing into agreement a bank statement with a party's cash…
a report of deposits, withdrawals, and bank balances sent to…
an endorsement that consists only of the endorser's signature…
Automated teller machine (ATM)
electronic machine from which cash deposits and withdrawals c…
Bank reconciliation
bringing into agreement a bank statement with a party's cash…
56 terms
Computerized Accounting 1 - Unit 4 (Arkansas)
Accounts payable ledger
Accounts receivable ledger
Batch report
Batching out
a subsidiary ledger containing only accounts for vendors from…
a subsidiary ledger containing only accounts for charge custo…
a report which gives performance information over a specific…
closing out all the transactions on the system that were proc…
Accounts payable ledger
a subsidiary ledger containing only accounts for vendors from…
Accounts receivable ledger
a subsidiary ledger containing only accounts for charge custo…
18 terms
Computerized Accounting 1 - Unit 5 (Arkansas)
941
Employee earnings record
Employer's payroll taxes
Federal unemployment tax
employer's quarterly federal tax return
business form used to record details affecting payments made…
taxes owed to the government by the employer based on payroll
tax paid by employers to provide funds for workers who are te…
941
employer's quarterly federal tax return
Employee earnings record
business form used to record details affecting payments made…
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