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Record Systems
Types of Records
Depreciation Records
Budget Systems
Budget Systems and Miscellaneous
100
A record system still used today with very small firms that require limited records.
What is Manual Record Systems
100
Keeping track of the money that is taken out of the cash register and recording small cash transactions, balancing the checkbook and having procedures in place for the safe handling of cash are all part of
What is Accounting (Record Keeping) for Cash
100
Depreciation represents a _________ to the business.
What is cost
100
A plan for the amount of maney a firm should spend for advertising usually based on extimated sales is a
What is an Advertising Budget
100
A financial plan extending usually for one year
What is a Budget
200
Hiring an outside firm to perform specialized tasks for a business for a fee.
What is Outsourcing
200
The records showing what each customer owes and pays is called
What is Accounts Receivable Record
200
The gradual loss of an asset's value due to age and wear
What is Depreciation
200
A forecast of the sales revenue a company expects to receive for a month, quarter or a year is a
What is a Sales Budget
200
A plan showing projected sales, costs, expenses and profits for a future period is the
What is the Income Statement Budget
300
Uses accounting software programs, such as Quickbooks, along with some manual record keeping to keep financial records for their business.
What is a small system.
300
Records that show the decreased value of assets over time are called
What is Depreciation Records
300
When an asset becomes out of date or not useable anymore.
What is obsolescence
300
A financial plan for replacing fixed assets or acquiring new ones is the
What is the Capital Budget
300
Organized summaries of a business's financial activities
What are accounting records
400
Uses a bar code scanner to record sales, keep track of inventory, re-order stock and other important information.
What is Point-of-sale terminal
400
A record showing money the business owes and payments made to purchase supplies and merchandise on credit is called
What is Accounts Payable Record
400
Material assets that will last a long time
What are Fixed or Plant Assets
400
An estimate of the flow of cash into and out of the business over a specified period of time is the
What is the Cash Budget
500
A business that uses computers to analyze and organize data for other businesses for a fee.
What is a Data Processing Center
500
Federal Income tax law requires every business keep satisfactory records so that the business can report its income and expenses and prepare the proper tax returns
What are Tax Records
500
Anything of value that is owned
What is an asset
500
A forecast of the amount of merchandise the company expects to sell to customers over the specified time period is the
What is the Merchandising Budget