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48 Cards in this Set
- Front
- Back
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Adjusting Entries |
Journal entries recorded to update general ledger accounts at the end of a fiscal period |
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Permanent Accounts |
Accounts used to accumulate information from one fiscal period to the next |
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Temporary Accounts
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Accounts used to accumulate information until it is transferred to the owner’s capital account |
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Closing Entries
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Journal entries used to prepare temporary accounts for a new fiscal period |
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Post-Closing Trial Balance |
A trial balance prepared after the closing entries are posted |
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Accounting Cycle |
The series of accounting activities included in recording financial information for a fiscal period |
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Partnership |
A business in which two or more persons combine their Assets and skills |
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Partner |
Each member of a partnership |
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Merchandising Business |
A business that purchases and sells goods |
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Retail Merchandising Business |
A merchandising business that sells to those who use or consume the goods |
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Merchandise |
Goods that a merchandising business purchases to sell |
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Wholesale Merchandising Business |
A business that buys and resells merchandise to retail merchandising businesses |
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Cost of Merchandise |
The price a business pays for goods it purchases to sell |
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Markup |
The Amount added to the cost of merchandise to establish the selling price |
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Vendor |
A business from which merchandise is purchased or supplies or other assets are bought |
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Purchase Invoice |
An invoice used as a source document for recording a purchase on account transaction |
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Terms of Sale |
An agreement between a buyer and a seller about payment for merchandise |
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Customer |
A person or business to whom merchandise or services are sold
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Sales Tax |
A tax on a sale of merchandise or services
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Cash Sale |
A sale in which cash is received for the total amount of the sale at the time of the transaction
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Credit Card Sale |
A sale in which a credit card is used for the total amount of the sale at the time of the transaction |
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Subsidiary Ledger |
Ledger that is summarized in a single general ledger account
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Accounts Payable Ledger |
Subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account |
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Accounts Receivable Ledger |
Subsidiary ledger containing only accounts for charge customers
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Controlling Account |
Account in a general ledger that summarized all accounts in a subsidiary ledger
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Schedule of Accounts Payable |
A listing of vendors accounts, account balances, and total amount due to vendors
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Schedule of Accounts Receivable |
A listing of customer accounts, account balances, and total amount due from all customers
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Salary |
The money paid for employee services
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Pay Period |
The period covered by a salary payment
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Payroll |
Total amount earned by all employees for a pay period |
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Total Earnings |
Total pay due for a pay period before deductions |
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Payroll Taxes |
Taxes based on the payroll of a business |
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Withholding Allowance |
A deduction from total earnings for each person legally supported by a taxpayer, including the employee |
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Social Security Tax |
A federal tax paid for old-age, survivors, and disability insurance |
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Medicare Tax |
The maximum amount of earnings on which a tax is calculated |
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Tax Base |
The maximum amount of earnings on which a tax is calculated
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Payroll Register |
A business form used to record payroll information |
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Net Pay |
The total earnings paid to an employee after payroll taxes and other deductions |
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Employee Earnings Record |
A business form used to record details affecting payments made to an employee |
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Federal Unemployment Tax |
Federal tax used for state and federal administrative expenses of the unemployment program |
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Merchandise Inventory |
The amount of goods on hand for sale to customers |
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Cost of Merchandise Sold |
Total original price of all merchandise sold during a fiscal period |
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Gross Profit on Sales |
Revenue remaining after cost of merchandise sold has been deducted |
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Distribution of Net Income Statement |
A partnership financial statement showing net income or loss distribution to partners |
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Owner's Equity Statement |
A financial statement that summarizes the change in owners’ equity during a fiscal period |
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Supporting Schedule |
a report prepared to give details about an item on a principal financial statement |
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Inventory |
The amount of goods on hand |
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State Unemployment Tax |
State tax used to pay benefits to unemployed workers |
