Accounting Terms
Amount paid to an employee for every hour worked.
Wages
Financial statment that shows earnings over a period of time.
Income Statement
An automatic payment used to transfer funds without writing a check or handling currency.
Electronic Funds Transfer (EFT)
Type of earnings expressed as a fixed annual sum of money divided among equal pay periods.
Salary
Statement that illustrates the financial position of a company at a point in time.
Balance Sheet
This type of accounting records every financial transaction in at least two different accounts.
Double Entry Accounting
Small amount of cash kept on hand and used to make small payment.
Petty Cash
A receipt, invoice, memo or other paper or electronic item that verifies a transaction.
Source Document
Employee pay BEFORE taxes
Gross pay
The process of comparing your bank statement to your check book register.
Bank Reconciliation
The right side of the T account is called this.
What is "Credit?"
List of all a company’s “accounts”
Chart of Accounts
Employee pay AFTER taxes
Net Pay
A financial statement that presents a summary of the changes in the shareholders' equity account over a given period.
Statement of Owner's Equity
Account that reflects money withdrawn from a business by its owners
Drawing Account
Salary
Federal, FICA and State are all these.
Payroll Taxes
A chronological record of a company's financial transactions.
General journal