Unit 4
An accounting period of 12 months
What is Fiscal Period?
Tax= 6.2%
What is the Social Security Tax Rate?
Original Amount Borrowed
What is Principle(Face Value)?
Assets=Liabilities+Owner's Equity
What is the Accounting Equation, or ALOE?
Our Teacher in Accounting
Who is Ms. Hill?
Expenses exceed total revenue for the accounting period
What is Net Loss?
The T accounts for journalizing Employer Payroll Taxes
What are Payroll Tax Expense and Social Security Tax Payable?
P*R*T
What is the formula for Calculating Interest?
The 5 Types of Accounts(Including ALOE)
What is Assets, Liabilities, Revenue, Owner's Equity, Expense?
There are 4 Buildings total
How many buildings are part of this school?
The T accounts used when Receiving Cash From Sales
What is Debit Cash, and Credit Sales?
Tax= 1.45%
What is the Medicare Tax?
Amount to be Depreciated/Estimated Useful Life
What is Step 2 for calculating Annual Depreciation?
Stands for Generally Accepted Accounting Principles
What is GAAP?
The amount of markers on Ms. Hill's White board
How much is 10?
Sales, Expenses, Net Income, Net Loss, Drawing
What are the Closing Temporary Account?
Regular hours * the hourly rate= Regular Earnings
What is the Regular earnings calculations?
The Amount Due on the Maturity Date of a note
What is Maturity Value?
Primarily Responsible for enforcing security laws and regulating securities industry
What is SEC?
Ms.Hill's First name
Who is Tracy?
A Price Reduction granted for damaged goods kept by the customer
What is Sales Allowance?
Miscellaneous Expense and Cash
What are the T accounts for Bank Service Charge?
The T accounts used when using the direct write-off method
What is Uncollectible Accounts Expense and Accounts Receivable?
The 6 Ethical Principles
What are Responsibilities, Public Interest, Integrity, Objectivity and Independence, Due Care, Scope and Nature of Services?
The size of the lot in the movie "We bought a Zoo"
How much is 18 acres?