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51 Cards in this Set
- Front
- Back
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Accounting Chapter 9 |
Accounting Chapter 9 |
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Adjusting entries |
journal entries made at the end of an accounting cycle to update certain revenue and expense accounts and to make sure you comply with the matching principle |
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Permanent accounts |
accounts that are not closed at the end of the accounting period |
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Temporary accounts |
accounts that are closed at the end of every accounting period |
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Closing entries |
A closing entry is a journal entry made at the end of an accounting period to transfer the temporary account balances to the permanent accounts. |
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Post-closing trial balance |
A listing of all of the accounts in the general ledger with account balances |
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Accounting cycle |
holistic process of recording and processing all financial transactions of a company |
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Accounting Chapter 10 |
Accounting Chapter 10 |
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Partnership partner |
legal form of business operation between two or more individuals who share management and profits |
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Merchandising business |
A business that purchases and sells goods |
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Retail merchandising business |
who uses or consumes the goods |
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Merchandise |
Goods that a merchandising business purchases to sell |
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Wholesale merchandising business |
company that buys items in bulk from manufacturers and resells them to retailers |
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Markip |
an amount added to the cost price to determine the selling price broadly |
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Vendor |
a person or company offering something for sale |
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Purchase invoice |
prove that something was bought and how much was paid for it |
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Terms of sale |
agreement between the buyer and seller of goods and services |
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Accounting Chapter 11 |
Accounting Chapter 11 |
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Customer |
a person or organization that buys goods or services from a store or business |
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Sales tax |
a tax on sales or on the receipts from sales |
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Cash sale |
Cash Sale is a sale of a product or service that is paid for when it is delivered |
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Credit card sale |
A bank-issued card that allows people to purchase goods or services from a merchant on credit |
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Accounting Chapter 12 |
Accounting Chapter 12 |
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Subsidiary ledger |
provides details behind entries in the general ledger used in accounting |
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Accounts payable ledger |
lists all of the vendors and suppliers that a company owes along with their account balances and details |
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Accounts receivable ledger |
recorded all credit sales made by a business |
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Controlling account |
account in the general ledger for which a corresponding subsidiary ledger has been created |
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Schedule of accounts payable |
listing of all vendors in the accounts payable ledger that the company currently owes money |
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Schedule of accounts receivable |
lists all amounts owed by customers |
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Chapter 13 Vocab |
Chapter 13 Vocab |
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Salary |
The money paid for employee services |
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Pay period |
Period covered by a salary payment |
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Payroll |
-The 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 |
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 |
A federal tax paid for old-age, survivors, and disability insurance |
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Tax base |
Maximum amount of earning on which a tax is calculate |
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Payroll Register |
Business form used to record payroll information |
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Net pay |
total earnings paid to an employee after payroll taxes and other deductions |
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Employee earnings record |
business form used to record details affecting payments made to an employee |
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Chapter 14 vocab |
Chapter 14 Vocab |
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Federal unemployment tax |
federal law that imposes a federal employer tax |
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State unemployment tax |
Taxes assessed by states to cover unemployment benefits paid to unemployed workers |
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Chapter 15 Vocab |
Chapter 15 Vocab |
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Cost of merchandise sold |
The total original price of all merchandise` sold during the fiscal period |
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Gross profit on sales |
Revenue remaining |
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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 changes 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 |
