An economic event or condition that directly changes an entity's financial condition or affects it's results of operations.
What is business transaction
100
A detailed record of each employee's earnings.
What is Employee's earning record.
100
A group of accounts for a business.
What is Ledger.
100
Increases in owner's equity as a result of selling services or products to customers
What is Revenues
100
A working paper that accountants may use to summarize adjusting entries and the account balances for financial statements
What is Work Sheet.
200
A list f the accounts in the ledger.
What is Chart of accounts
200
The total earnings of an employee for an employee for a payroll period.
What is Gross pay.
200
An amount that is added to a cost amount to determine product price.
What is Markup.
200
A summary of the changes in owner's equity that have occurred during a specific period of time.
What is Statement of Owner's Equity
200
A measure of materials usage efficiency.
What is Yield.
300
Coins, currency, checks, money orders, and money deposit that is available for unrestricted withdrawal from banks and other financial institutions.
What is Cash
300
A type of cost accounting system that provides for a seperate record of the cost of each particular quantity of product that passes through the factory
What is Job Order Cost System.
300
An unincorporated business form consisting of two or more persons conducting business as co-owners.
What is Partnership
300
A name, term, or symbol used to identify a business and its products.
What is Trademark
300
A concept of budgeting that requires all levels of management to start from zero and estimate budget data as if there had been no previous activities in their units.
What is Zero-based Budgeting.
400
A person or entity who has an interest in the economic performance of business.
What is Business stakeholder
400
Costs that tend to remain the same in amount, regardless of variations in the level of activity.
What is Fixed Costs.
400
The field of accounting whereby accountants are employed by a business firm or a not-for-profit organization.
What is Public Accounting
400
A set of procedures for authorizing and recording liabilities and cash payments.
What is Voucher System
400
The excess of the current assets of a business over its current liabilities.
What is Working Capital.
500
Amount entered on the left side of an account.
What is Debits.
500
Assets used up or services consumed in the process of generating revenues.
What is Expenses.
500
The total amount paid to employees for a certain period.
What is Payroll.
500
A special form for recording relevant data about a liability and the details of its payment.
What is Voucher
500
The direct material, labor, and applied factory overhead costs that have entered into the manufacturing process, but are associated with products that have not been finished.