Tacos
A financial statement that lists the totals in the assets, liabilities, and owner's equity accounts of a firm for a specific date.
Balance Sheet
The right side of T-account
Credit
The left side of T-account
Debit
The cost of doing business, which may contain both cash and non cash amounts.
Expense
A relationship, specially financial, built on trust between a trustee and a beneficiary
Fiduciary
A framework relating to accounting practice including rules, procedures, and standards defined by industry professionals and used by U.S. companies.
GAAP
General journal
A record of a firm's financial transactions, grouped by account
General Ledger
A financial report used to determine a firm's net income by computing the difference between revenue and expense for a period; also known as the profit and loss statement.
Income Statement
A report that contains details about the number of hours worked and the wages paid to employees.
Labor Reports
A financial obligation of the firm arising form revenues received in advance of services or sales or expense incurred but not paid
Liabilities
The financial investment and any accumulated profits or losses of the owner of a firm
Owner's Equity
Transferring the details of General Journal entries to the General Ledger accounts.
Posting
To send money in payment of an obligation
Remit
Reversal
An internal accounting statement in which the accountant determines that the debits equal the credits for the amounts in the General Ledger
Trial balance
An employee's wages or salary less all mandatory and voluntary deductions.
Net pay
Income taxes levied by a state government on employee payroll.
State income taxes
A tax levied by the federal government on individuals
Federal income tax
A tax paid by both employers and employees that is used to fund the social security program
Social Security tax
A payroll tax mandated to be paid by all employees of a firm to fund the Medicare program
Medicare taxes
The electronic transmission of employee's wages from the employer to the employee's account at a financial institution
Direct deposit
An accounting method in which revenues and expenses are recorded when they occur, not necessarily when any cash is exchanged
Accrual
Journal entries created at the end of an accounting period to allocate income and expenses to proper accounts
Adjusting entries
An item of value that a business uses in the course of its operations and from which it expects future economic benefit.
Assets