a legal entity that is separate and distinct from its owners
What is a corporation?
100
journal entries recorded to update GL accounts at the end of a fiscal period
What are journal entries?
100
a tax that provides health insurance benefits for the elderly
What is Medicare tax?
100
a small amount of cash on hand
What is petty cash?
100
the amount of goods on hand for sale to customers
What is merchandise inventory?
200
CPA
What is a Certified Public Accountant?
200
a business in which two or more people combine their assets and skills
What is a partnership
200
the employer's quarterly federal tax return is filed on this form
What is 941 form?
200
a check endorsement restricting further transfer of check ownership (ex: For deposit only)
What is restrictive endorsement?
200
POS Terminal
What is Point of Sale Terminal
300
a business owned by one person
What is a sole proprietorship?
300
The difference between revenue and expenses when expenses is greater.
What is net loss?
300
a petty cash on hand amount that is less than the recorded book value
What is cash short?
300
ATM
What is Automated Teller Machine?
300
Revenue - cost of goods sold = ?
What is Gross Profit on Sales?
400
any activity that contradicts moral values and principles in the business world.
What is unethical business practices?
400
a form showing proof of equality between debits and credits on a worksheet
What is a Trial Balance
400
this is what happens to assets when a business buys supplies on account
What is assets increase?
400
a cash discount on sales
What is a Sales Discount?
400
the amount added to the cost of merchandise to establish selling price
What is markup?
500
an accounting concept where a source document is required for each transaction.
What is Objective Evidence?
500
the length of time for which a business summarizes and reports financial information
What is a fiscal period?
500
Reporting changes in financial information for a specific period of time in the form of financial statements is an application of this accounting concept
What is Accounting Period Cycle?
500
credit allowed a customer for the sales price of returned merchandise that decreases AR.
What is a sales return?
500
a listing of vendor accounts and the account balances owed to them