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Accounting Terms
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Payroll
Make a Statement
100
Anything of value that is owned.
What is Asset?
100
An amount owed by a business.
What is a liability?
100
The normal balance of an asset account.
What is Debit side?
100

Amount paid to an employee for every hour worked. 

Wages

100

Financial statment that shows earnings over a period of time. 

Income Statement

200
An equation showing the relationship among assets, liabilities, and owner's equity.
What is the accounting equation?
200
An increase in owner's equity resulting from the operation of a business (such as sales or services).
What is Revenue?
200

An automatic payment used to transfer funds without writing a check or handling currency. 

Electronic Funds Transfer (EFT) 

200

Type of earnings expressed as a fixed annual sum of money divided among equal pay periods.

Salary

200

Statement that illustrates the financial position of a company at a point in time. 

Balance Sheet

300

This type of accounting records every financial transaction in at least two different accounts.

Double Entry Accounting

300

Small amount of cash kept on hand and used to make small payment. 

Petty Cash

300

A receipt, invoice, memo or other paper or electronic item that verifies a transaction. 

Source Document

300

Employee pay BEFORE taxes

Gross pay

300

The process of comparing your bank statement to your check book register.  

Bank Reconciliation

400
A decrease in owner's equity resulting from the operation of a business.
What are Expenses?
400

The right side of the T account is called this.

What is "Credit?"

400

List of all a company’s “accounts”

Chart of Accounts

400

Employee pay AFTER taxes

Net Pay

400

A financial statement that presents a summary of the changes in the shareholders' equity account over a given period.

 Statement of Owner's Equity

500

Account that reflects money withdrawn from a business by its owners

Drawing Account

500
The side of the T account that increases the account balance.
What is normal balance?
500
Type of earnings expressed as a fixed annual sum of money divided among equal pay periods. 

Salary

500

Federal, FICA and State are all these.

Payroll Taxes

500

A chronological record of a company's financial transactions.

General journal