Assets & Inventory
Liabilities
Partnerships
Payroll
General Journal
100
Most companies rely on this to control payments on account.
What is a voucher system?
100
Warranties are one example of this type of liability.
What is contingent?
100
While this is not required between parties, it is advisable to prevent misunderstandings.
What is a formal partnership agreement?
100
These are amounts a company deducts from each employee’s gross earnings.
What are payroll deductions?
100
Allowance for Doubtful Accounts is this type of account.
What is a contra-asset?
200
This includes the purchase price & all expenditures needed to prepare the asset for its intended use.
What is acquisition cost?
200
This must be recorded whenever a transaction or event obligates a company to give up assets or provide services in the future.
What is a liability?
200
Because a partnership is a pass-thru entity, each partner reports his or her share of the partnership’s gain or loss as this.
What is an individual?
200
Employers owe these two amounts withheld from employees’ gross pay to the IRS.
What are FICA & income tax?
200
This system is used to reimburse employees for expenditures they make on behalf of the organization.
What is a petty cash fund?
300
This is the loss of a significant portion of the utility of an asset through casualty, obsolescence, or lack of demand for the asset’s services.
What is impairment?
300
These are current liabilities that arise as a result of past transactions or events, but their resolution depends on a future event.
What are contingent liabilities?
300
Accounting in a partnership is very much like a sole proprietorship in that each partner will have these two accounts.
What are a capital account & a drawing account?
300
Employers pay amounts equal to the amount withheld from the employees’ gross pay for these two items.
What are Social Security & Medicare?
300
The bank reconciliation reports on the differences between the balances on these two items.
What are the bank statement & general ledger cash account?
400
Congress passed this Act in 2002 to enhance inves-tor confidence in information published by a listed company & to improve the quality of financial re-porting in the United States.
What is Sarbanes-Oxley?
400
When long-term capital has a portion of the principal due within one year, that portion of the loan must be reported in the current liabilities section of the balance sheet, called this.
What is Current Portion of Long-Term Debt?
400
This means that each partner can bind all others into contracts. In other words, each partner is responsible for the actions of the others.
What is mutual agency?
400
This is used to keep detailed information about employee earnings, payroll deductions, payments, & accounting information.
What is a payroll register?
400
Under the straight-line & declining-balance methods, this is multiplied by the fraction of the year for which depreciation is being calculated.
What is the annual depreciation?
500
Depreciation is this process that systematically & rationally matches acquisition costs of operational assets with periods benefited by their use.
What is cost allocation?
500
This is a written document outlining the terms & conditions that specify how one company will repay the other.
What is a promissory note?
500
This measures a company’s efficiency at generating profits from every dollar of equity invested (or retained) in the partnership.
What is Return on Equity Ratio Analysis?
500
Employers owe these two amounts withheld from employ-ees’ gross pay to the IRS.
What are FICA & income tax?
500
Collectively, these are the methods an organization uses to protect against theft of assets, enhance reliability of accounting information, promote efficient & effective operations, & ensure compliance with applicable laws, regulations & codes of ethical conduct.
What are internal controls?
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