Chapter 4-5 accounting (Amado)

Chart of accounts

100

This is a list of financial accounts set up, usually by an accountant, for an organization, and available for use by the bookkeeper for recording transactions in the organization's general ledger.

What is chart of accounts?

200

• Creditors are individuals/businesses that have lent funds to another company and are therefore owed money. By contrast, debtors are individuals/companies that have borrowed funds from a business and therefore owe money.

What is the distinction between debtor and creditor?

300

• Notes payable are created and issued for debt arrangements and are payable to credit companies and financial institutions. Accounts payable are generally the suppliers of services and inventory

• What is the difference between Notes Payable and Accounts Payable?

400

This account is an account used temporarily to carry doubtful entries and discrepancies pending their analysis and permanent classification.

What is a suspense account?

500

This represents payments received by a company in advance of delivering its goods or performing its services

What is deferred revenue?

Checking account

100

an account at a bank against which checks can be drawn by the account depositor.

What is checking account?

200

This is an electronic banking outlet that allows customers to complete basic transactions without the aid of a branch representative or teller.

Where are the bank's ATMs?

300

The national average interest rate for savings accounts is 0.06 percent.

What's the accounts' interest rate?

400

This is consisting only of the endorser's signature .

what is black endorsement?

500

an endorsement indicating a new owner of a check.

What is special endorsement ?

Accounting

100

a group of accounts .

what is a ledger?

200

a ledger that contains all accounts needed to prepare financial statements.

what is a general ledger?

300

The procedure for arranging accounts in a general ledger ,assigning account numbers ,and keeping records current .

what is file maintenance?

400

Writing an account title and number on the heading of an account.

what is an opening account?

500

Transferring information from a journal entry to a ledger on an account .

what is posting?

Banks

100

This is a source document for a bank service charge transaction.

What is memorandum?

200

A report of deposits ,withdrawals,and bank balances sent to a depositor by a bank .

What is an bank statement?

300

a check which has been paid by the bank .

What is an canceled check?

400

A check that a bank refuses to pay.

What is an dishonored check?

500

A check dishonored by the bank because of insufficient funds in the account of the maker the check .

What is non-sufficient funds check?