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Accounting Terms
The Worksheet
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TRANSACTIONS
100
A check that a bank refuses to pay.
What is a dishonored check?
100
The length of time for which a business summarizes and reprots financial information
What is a fiscal period?
100
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
What is a work sheet?
100
Received bank statement showing bank service charge.
What is debit - miscellaneous expense and credit - cash.
200
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
What is a bank statement?
200
The two accounts affected by the adjustment for insurance.
What are Prepaid Insurance Expense and Insurance?
200
The difference between total revenue and total expenses when total revenue is greater.
What is net income?
200
Received notice from a bank of a dishonored check.
What is debit - accounts receivable and credit - cash?
300
A computerized cash payments system that transfers funds.
What is an electric funds transfer or ETF?
300
A financial statement that reports assets, liabilities, and owner's equity on a specific date
What is a balance sheet?
300
A proof of equality of debits and credits in a general ledger.
What is a trial balance?
300
Paid cash on account to Omar Office Supplies.
What is debit - accounts payable Omar Office Supplies and credit cash?
400
A bank card that automatically deducts that amount of a purchase from the checking acount of the cardholder.
What is a debit card?
400
The difference between total revenue and total expenses when total expenses are greater.
What is net loss?
400
Most errors occur when doing this.
What is arithmetic (math)?
400
Purchased supplies using a debit card.
What is debit supplies and credit cash?
500
An amount of cash kept on hand and used for making small payments.
What is petty cash?
500
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
What are adjustments?
500
The two accounts affected by the adjustment for supplies.
What are Supplies and Supplies Expense?
500
Paid cash to establish a petty cash fund.
What is debit petty cash and credit cash?