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Vocabulary
Journal Entries
Work Sheet & Financial Statements
Payroll
Miscellaneous
100
Cash, Petty Cash, Accounts Receivable, Supplies, and Prepaid Insurance
What is an asset?
100
Prepaid Insurance is debited Cash is credited
What is the journal entry when a business purchases insurance for cash?
100
The first two columns on the work sheet that must balance before completing the entire work sheet.
What is trial balance?
100
Regular hours worked x regular rate plus overtime hours x overtime rate
What is total earnings?
100
Every transaction in accounting has one of each.
What is debit and credit?
200
Determining that the amount of cash agrees with the accounting records
What is cash proof?
200
Accounts Receivable is debited Sales is credited
What is entry when a business sells services on account?
200
When the trail balance columns are not equal and the difference is divisible by 9.
What is slide?
200
Total earnings - deductions =
What is net pay?
200
A business may have an accounting period of one month; this is an example of what GAAP principle?
What is Accounting Period Cycle?
300
A check that is endorsed on the back with, "For Deposit Only"
What is restrictive endorsement?
300
Drawing is debited Cash is credited
What is the journal entry when the owner takes cash out of the business?
300
The deduction that requires the employer to know the employee's total earnings, marital status and number of allowances.
What is Federal Income Tax or Employees's Income Tax Withholding?
300
When accounts receivable is increased by $2,000; the other part of the transaction requires . . .
What is a credit to Sales?
400
Balance Sheet and Income Statement
What are financial statements?
400
Debit Supplies Expense Credit Supplies Debit Insurance Expense Credit Prepaid Insurance
What are the adjusting entries for supplies and insurance?
400
Heading, revenue, expenses, and net income or net losss
What are the headings of an income statement?
400
Total earnings are added together for each employee each pay period and are recorded in the payroll register so as to not exceed the tax base.
What is accumulated earnings?
400
The decrease in owner's equity resulting from the operation of a business.
What is an expense?
500
The set of rules used by all accountants to provide a consistent form in which to provide financial information.
What is Generally Accepted Accounting Principles (GAAP)?
500
Debit Sales Credit Income Summary Debit Income Summary Credit Expense Accounts Debit Income Summary Credit Capital Debit Capital Credit Drawing
What are the closing entries when a business has a net income?
500
Total sales divided by total expenses
What is the total expenses component percentage?
500
Sally has earnings of $796.80 and total deductions of $89.50. Her payroll check is _______.
What is Sally's net pay; $707.30?
500
Preparing source documents for each business transaction is an application of what GAAP principle?
What is Objective Evidence?