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THE Formula
Payroll
Vocabulary
Vocabulary Cont.
Leftovers
100
Assets = Liabilities + Owners Equity
What is the accounting equation?
100
IRS
What is the Internal Revenue Service
100
An endorsement consisting of only the endorser's signature
What is a blank endorsement?
100
The total amount earned by all employees in a pay period
What is Payroll
100
The amount added to the cost of items that determine the selling price
What is Markup?
200
The original item, memo or receipt used to post information
What is a Source Document?
200
W-4
What is the form listing withholdings on paychecks
200
A record of deposits, withdrawals and bank balances sent to a depositor by a bank
What is a Bank Statement?
200
The side of the account that is increased.
What is Normal Balance?
200
A form for recording transactions in chronological order
What is a Journal
300
Accounts Receivable
What is money you can expect to collect in the next accounting period.
300
Federal Tax Withholding
What is money going to the federal government called?
300
The amount of money left after the value of all liabilities is subtracted from the value of all assets.
What is Owner's Equity
300
An amount owed by a business
What is a liability?
300
DOUBLE JEOPARDY!!!! The original amount that was borrowed
What is Principal?
400
Money taken from Owner's Equity
What is withdrawal
400
FICA
What is the Federal Insurance Contributions Act?
400
A cash discount on purchases taken by a customer
What is a Purchase Discount?
400
Group of people elected by stockholders to manage a corporation
What is a Board of Directors
400
The period covered by a salary payments to employees
What is Pay Period?
500
Right side of the accounting equation
What is liabilities and owner's equity
500
Social Security Benefits
What is retirement funds available to taxpayers at age 65.
500
Small amount of cash on-hand for miscellaneous purchases or payments.
What is Petty Cash?
500
Anything of value that is owned
What is a Asset?
500
Land and anything attached to the land
What is Real Estate or Real Property?