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Transactions
Financial Claims
Accounting Cycle
Trial Balances
Payroll System
100
A system of record keeping where each business transaction affects at least two accounts.
What is double-entry accounting?
100
Anything of value that is owned or controlled.
What is property?
100
A record of cash received by a business.
What is a reciept?
100
Prepared as a formal way to prove that debits equal credits.
What is a trial balance?
100
A form that summerizes information aout employees earnings for each pay period.
What is a payroll register?
200
A book or file containing a separate page for each business account.
What is a ledger?
200
Property or items that is owned by a business.
What are assets?
200
A document listing the same information that appears on a check.
What is a check stub?
200
When a decimal place is moved as a mistake.
What is a slide error?
200
The amount left over in paycheck after total deductions are subtracted from gross earnings?
What is the net pay?
300
A list of all accounts and their assigned account numbers.
What is a chart of accounts?
300
Classified as owning cash, office equipment, manufacturing equipment, buildings, and land.
What is equity?
300
A piece of paper prepared as evidence of a transaction.
What is a source document?
300
When two digits within an amount are switched or transposed.
What is a transposition error?
300
When the net pay is deposited in the employees personal bank account by the employer.
What is a direct deposit?
400
An amount entered on the right side of a T-account.
What is credit.
400
When you buy property and agree to pay later.
What is credit?
400
An accounting period of 12 months.
What is a fiscal year?
400
A motion made to fix an error in a journal entry.
What is a correcting entry?
400
An additional document kept for each employee containing all of the payroll information related to an employee.
What are employee's earning records?
500
An amount entered on the left side of a T-account.
What is a debit?
500
Any person or business you owe money to.
What is a creditor?
500
The process of recording business transactions.
What is journalizing?
500
The process of transferring information from the general journal to individual general ledger accounts.
What is posting?
500
The employees' year to date gross earnings.
What are accumulated earnings?