Accounting Final

Front 1

Current Liabilities (def)

Back 1

obligations due within a year or the operating cycle (longer)

Front 2

long-term obligations (def)

Back 2

obligations not due within a year

Front 3

accounts payable (def)

Back 3

money owed by a company to its creditors

Front 4

unearned revenue (def)

Back 4

cash received in advance of providing products and services

Front 5

contingent liability (def)

Back 5

a potential obligation that depends on future events occurring or not from a past transaction

Front 6

notes payable (def)

Back 6

written promises to pay stated sums of money at future dates

Front 7

gross pay (def)

Back 7

total compensation earned by employee

Front 8

net pay (def)

Back 8

gross pay minus deductions

Front 9

FICA tax (def)

Back 9

taxes on both employer and employee for Social Security and Medicare

Front 10

FUTA and SUTA tax (def)

Back 10

tax on employers for unemployment

Front 11

bonds (def)

Back 11

written promise to pay of bond's par value and interest

Front 12

premium on bonds (def)

Back 12

difference between a bond's par value and its higher carrying value

Front 13

discount on bonds (def)

Back 13

difference between bond's par value and its lower carrying value

Front 14

organization costs (def)

Back 14

costs such as legal fees and promoter fees to bring an entity into existence

Front 15

preemptive rights (def)

Back 15

stockholders' right to maintain their proportionate interest in a corporation with any additional shares issued

Front 16

voting rights (def)

Back 16

the right of a stockholder to vote on matters of corporate policy

Front 17

authorized stock (def)

Back 17

total amount of stock that a corporation's charter authorizes it to issue

Front 18

issued stock (def)

Back 18

number of authorized shares sold

Front 19

outstanding stock (def)

Back 19

stock currently held by all its shareholders (not counting those owned by company)

Front 20

treasury stock (def)

Back 20

corporation's own stock that it reacquired and still holds

Front 21

par value (def)

Back 21

amount the bond issuer agrees to pay at maturity and te amount on which cash interest payments are based

Front 22

no-par stock (def)

Back 22

stock class that has not been assigned a par value

Front 23

stated value (def)

Back 23

a value that, instead of being par value, is assigned to a corporation's stock

Front 24

stockholder's equity (def)

Back 24

capital received from investors in exchange for stock

Front 25

dividends (def)

Back 25

a sum of money paid regularly by a company to its shareholders out of its profits

Front 26

Cash

Back 26

asset, debit, balance sheet

Front 27

accounts receivable

Back 27

asset, debit, balance sheet

Front 28

supplies

Back 28

asset, debit, balance sheet

Front 29

prepaid insurance

Back 29

asset, debit, balance sheet

Front 30

merchandise inventory

Back 30

asset, debit, balance sheet

Front 31

equipment

Back 31

asset, debit, balance sheet

Front 32

machinery

Back 32

asset, debit, balance sheet

Front 33

buildings

Back 33

asset, debit, balance sheet

Front 34

land

Back 34

asset, debit, balance sheet

Front 35

notes receivable

Back 35

asset, debit, balance sheet

Front 36

natural resources

Back 36

asset, debit, balance sheet

Front 37

intangible assets

Back 37

asset, debit, balance sheet

Front 38

accumulated depreciation

Back 38

asset, credit, balance sheet

Front 39

accounts payable

Back 39

liability, credit, balance sheet

Front 40

notes payable

Back 40

liability, credit, balance sheet

Front 41

unearned revenue

Back 41

liability, credit, balance sheet

Front 42

salaries payable

Back 42

liability, credit, balance sheet

Front 43

wages payable

Back 43

liability, credit, balance sheet

Front 44

taxes payable

Back 44

liability, credit, balance sheet

Front 45

interest payable

Back 45

liability, credit, balance sheet

Front 46

bonds payable

Back 46

liability, credit, balance sheet

Front 47

---- payable

Back 47

liability, credit, balance sheet

Front 48

common stock

Back 48

equity, credit, balance sheet

Front 49

paid-in capital in excess of par

Back 49

equity, credit, balance sheet

Front 50

dividends

Back 50

equity, debit, statement of retained earnings

Front 51

retained earnings

Back 51

equity, credit, balance sheet/statement of retained earnings

Front 52

treasure stock

Back 52

equity, credit, balance sheet

Front 53

fees earned

Back 53

revenue, credit, income statement

Front 54

sales

Back 54

revenue, credit, income statement

Front 55

consulting revenue

Back 55

revenue, credit, income statement

Front 56

service revenue

Back 56

revenue, credit, income statement

Front 57

---- revenue

Back 57

revenue, credit, income statement

Front 58

sales returns and allowances

Back 58

revenue, debit, income statement

Front 59

sales discount

Back 59

revenue, debit, income statement

Front 60

cost of goods sold

Back 60

expense, debit, income statement

Front 61

---- expense

Back 61

expense, debit, income statement