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Principles II - Vocabulary > Accounting for Funeral Service > Flashcards

Accounting for Funeral Service Flashcards

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1
Q

A device for recording the changes in the fundamental accounting elements

A

Account

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2
Q

The difference between the total debits and the total credits in an account

A

Account Balance

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3
Q

One who is concerned with the design of the system of records, the preparation of reports based upon the recorded data, and the interpretation of the reports

A

Accountant

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4
Q

A language of business employed to communicate financial information based upon analyzing, recording, classification, summarization, reporting, and interpretation of financial data

A

Accounting

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5
Q

The process involved in journalizing, posting to the ledger, taking a trial balance, preparing statements, making adjusting and closing entries, and preparing a post-closing trial balance, which is repeated each fiscal period

A

Accounting Cycle

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6
Q

Assets = Liabilities + Owners’ Equity

A

Accounting Equation

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7
Q

An unwritten promise to pay creditors for property, such as merchandise, supplies or equipment, purchased on credit, or for services received on credit

A

Account Payable

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8
Q

An unwritten promise by a customer to pay, at a later date, for goods sole or services rendered

A

Account Receivable

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9
Q

Measures how many times per year receivables are collected

A

Accounts Receivable Turnover

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10
Q

Recording in each fiscal period applicable expenses, whether paid or not, and income earned, whether collected or not

A

Accrual Accounting

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11
Q

An expense incurred in operating a business during an accounting period, but not yet paid

A

Accrued Expense

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12
Q

Income actually earned during an accounting period by which will not be received until a future period

A

Accrued Income

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13
Q

Quick assets divided by current liabilities

A

Acid Test Ratio/Quick Ratio

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14
Q

Measures how efficiently a firm is utilizing its assets

A

Activity Analysis

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15
Q

A trial balance taken after adjusting entries have been recorded

A

Adjusted Trial Balance

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16
Q

Entries made at the conclusion of a fiscal period to bring accounts up to date

A

Adjusting Entries

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17
Q

Measure the average time required to collect receivables

A

Age of Accounts Receivable

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18
Q

A contra account utilized to accumulate totals against accounts receivable

A

Allowance for Doubtful Accounts

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19
Q

Determining the fundamental significance of business transactions so that financial information may be properly processed

A

Analyzing

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20
Q

Property of monetary value owned by a business

A

Assets

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21
Q

Accounts receivable that are uncollectable

A

Bad Debts Expense
Collectible Accounts Expense
Loss from Uncollectable Accounts

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22
Q

A formal financial statement illustrating the assets, liabilities, and owner’s equity of a business as of a specific date

A

Balance Sheet
Statement of Financial Positions
Statement of Financial Condition

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23
Q

A check drawn by one bank on another bank in which is has funds on deposit

A

Bank Draft

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24
Q

The process by which the depositor attempts to reconcile the bank statement balance with the checkbook balance

A

Bank Statement Reconciliation

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25
Q

An itemized listing prepared by the bank of additions to the subtractions from a depositor’s account

A

Bank Statement

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26
Q

A method of computing interest based on the assumption that there are 360 days in a year

A

Banker’s Method

360 Day Method

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27
Q

The handwritten signature of the payee on the back of a check

A

Blank Endorsement

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28
Q

One who is involved in the process of recording financial information in a prescribed manner

A

Bookkeeper

Information Processor

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29
Q

The recording of financial information in a prescribed manner

A

Bookkeeping

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30
Q

The cost of a fixed asset less its accumulated depreciation

A

Book Value

Undepreciated Cost

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31
Q

A formal written statement, which may be based upon adjusted historical data, of management’s plans for the future expressed in financial terms

A

Budget

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32
Q

A twelve month period beginning January 1st and concluding on December 31st

A

Calendar Year

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33
Q

A check which has been paid by the bank and returned to the drawer for recordkeeping

A

Canceled Check

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34
Q

Coins, currency, checks, credit card receipts, and money orders received from others, as well as money deposited in the bank

A

Cash

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35
Q

An accounting practice in which revenue is not recognized in the accounting records until received and in which expenses are not recognized until paid

A

Cash Basis Accounting

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36
Q

Discounts from quoted prices as an inducement from prompt payment of invoices

A

Cash Discounts

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37
Q

Money and Money substitutes paid

A

Cash Payments

Cash Disbursements

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38
Q

A book of original entry in which only cash receipts are recorded

A

Cash Receipts Journal

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39
Q

A special ledger account which is used to keep track of unexplained shortages or overages of cash

A

Cash Short and Over

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40
Q

A check drawn by a bank on its own funds and signed by an officer of the bank

A

Cashiers Check

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41
Q

A check which carries the guarantee of the bank that sufficient funds are available to pay the check when it is presented

A

Certified Check

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42
Q

An individual possessing a college education, having practical experience in accounting, and who has passed a comprehensive state examination in order to be certified to practice public accounting in that state

A

Certified Public Accountant

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43
Q

A list of all the account titles and the account numbers assigned to them

A

Chart of Accounts

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44
Q

A piece of commercial paper drawn on funds in a bank account and payable on demand

A

Check

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45
Q

A form on which information is recorded by the drawer of a check concerning the check drawn; a source documenr

A

Check Stub

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46
Q

In accounting, to record in order of time

A

Chronological

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47
Q

The sorting of the many business transactions in an orderly and systematic manner

A

Classifying

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48
Q

Entries made at the end of each reporting period to transfer the balances of the temporary owner’s equity accounts to the permanent owner’s equity account and to reduce the balance in the temporary owner’s equity accounts to zero in preparation for the next accounting period

A

Closing Entries

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49
Q

A book of original entry which combines into one journal the features of the two column general journal and a special journal

A

Combination Journal

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50
Q

An accounting entry that involves more than two accounts

A

Compound Journal Entry

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51
Q

An account designed to accumulate totals to offset a related account

A

Contra Account

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52
Q

The right side of a standard account

A

Credit

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53
Q

The abbreviation for credit

A

Cr.

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54
Q

A condition that occurs when the total of the credits in an account is larger than the total of the debits in that account

A

Credit Balance

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55
Q

A source document that grants credit to a buyer for purchase return or purchase allowance

A

Credit Memorandum

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56
Q

A business or individual to whom debt is owned

A

Creditor

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57
Q

The process of entering the journal page number in the ledger and the ledger account number in the journal

A

Cross Referencing

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58
Q

Cash or other assets that will be converted into cash or consumed within one year

A

Current Asset Ratio

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59
Q

Debts of a business that are generally paid within one year

A

Current Liabilities

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60
Q

The left side of a standard account

A

Debit

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61
Q

A condition which occurs when the total of the debits in an account is larger than the total of the credits in that account

A

Debit Balance

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62
Q

The business or individual who owes a debt

A

Debtor

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63
Q

Deposits that have been made and added to depositor’s checkbook, but which have not yet been listed on the bank statement

A

Deposits in Transit

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64
Q

A bank from which lists those cash items and individual checks to be deposited

A

Deposit Ticket/Slip

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65
Q

The loss in value of a fixed asset due to wear and tear and the passage of time or method of matching the cost of a fixed asset against the revenues that the fixed asset will help produce during its useful life

A

Depreciation

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66
Q

That portion of the original cost of a fixed asset that is assigned as an expense to the reporting period expected to benefit from its use

A

Depreciation Expense

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67
Q

A payment

A

Disbursement

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68
Q

A specific number of days during which a discount is available if the account is paid

A

Discount Period

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69
Q

A check not paid by the bank when properly presented

A

Dishonored Check

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70
Q

The process of recording equal debits and credits for a single business transaction

A

Double Entry Accounting

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71
Q

A person or concern, usually a bank, that has been ordered to make a payment on a check or draft

A

Drawee

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72
Q

A person (depositor) who signs a check, ordering a payment to be made

A

Drawer

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73
Q

A separate owner’s equity account in which withdrawals of cash or other assets by the owner for personal use are recorded

A

Drawing Account

Owner Withdrawals

74
Q

One who is under the control and direction of an employer with regard to the performance of employment

A

Employee

75
Q

The signature of the payee or other holder placed on the back of a check or other negotiable instrument

A

Endorsement

76
Q

A person or company whose name is written on the back of a check

A

Endorser

77
Q

E.O.M

A

End of Month

78
Q

A decrease in assets, other than withdrawals by the owner which result from efforts to produce revenues

A

Expense

79
Q

The principal sum the maker of a note promises to pay

A

Face of Note

80
Q

The amount that an employer must withhold from an employee’s pay for income tax purposes

A

Federal Income Tax Withholding

81
Q

A federal act which requires most employers and employees to pay taxes to support the federal social security program

A

Federal Insurance Contributions Act

82
Q

A federal act imposed upon each employer for the purpose of financing the administration costs of the federal and state unemployment compensation programs

A

Federal Unemployment Tax Act

83
Q

FICA

A

Federal Insurance Contributions Act

84
Q

The process of communicating the results achieved during an accounting period to others

A

Final Processing/Reporting

85
Q

A period of time covered by an income statement

A

Fiscal Period

86
Q

Property of a relatively permanent nature used in the operation of a business and not intended for resale

A

Fixed Assets/Long Term Assets

87
Q

Liabilities that are not due and payable within one year

A

Fixed Liabilities/Long Term Liabilities

88
Q

A total, written in small pencil figures, under the last entry in a column of an account

A

Footing/Pencil Footing

89
Q

FUTA

A

Federal Unemployment Tax Act

90
Q

A book of original entry in which business transactions are recorded in chronological order

A

General Journal

91
Q

The book of accounts

A

General Ledger

92
Q

Income before any deductions have been made

A

Gross Earnings/Gross Pay

93
Q

Net sales minus the cost of goods sold

A

Gross Profit/Gross Margin

94
Q

Gross profit divided by net sales

A

Gross Profit Percentage

95
Q

A condition in which the total of the debits and the total of the credits are equal in an account

A

In Balance

96
Q

An inflow of assets as a result of selling a product or providing a service

A

Income/Revenue

97
Q

A formal financial statement which presents the income, expenses, and resulting net profit or net loss for a given period

A

Income Statement
Profit and Loss Statement
Statement of Operations
Operating Statement

98
Q

A tax levied on the earnings of individuals and businesses by federal, state, and local governments

A

Income Tax

99
Q

Any person who agrees to perform a service for a fee and who is not subject to the control of those for whom the service is performed

A

Independent Contractor

100
Q

Those assets that cannot be touched or grasped

A

Intangible Assets

101
Q

Money paid for the use of money

A

Interest

102
Q

Explaining the significant events or developments that occur, usually taking the form of analysis and comparisons

A

Interpreting

103
Q

The number of times the average inventory has been sold or used up during a period

A

Inventory Turnover

104
Q

A source document showing quantity, description, prices of items, total amount of purchase, and the terms of payment

A

Inventory

105
Q

The process of recording business transactions in a journal

A

Journalizing

106
Q

Any debts that a business owes

A

Liabilities

107
Q

Measures the ability of the firm to meet its current obligations

A

Liquidity Analysis

108
Q

An individual who promises to pay on a promissory note

A

Maker

109
Q

An individual who signs a promissory note

A

Maker

110
Q

The date on which payment is due on a promissory note

A

Maturity Date

111
Q

Goods purchased for resale at a profit

A

Merchandise/Inventory

112
Q

A long term liability; A written promise that pledges real property as security for payment of a debt

A

Mortgage Payable

113
Q

NSF

A

Not sufficient Funds

114
Q

The difference between gross profit and expenses when gross profit is larger

A

Net Income/Net Profit

115
Q

The difference between gross profit and expenses when expenses are larger

A

Net Loss

116
Q

Gross pay less payroll deductions; an employee’s take home pay

A

Net Pay/Net Earnings

117
Q

Purchases minus purchases returns and allowances minus purchase discounts

A

Net Purchases

118
Q

Sales minus sales returns and allowances minus sales discounts

A

Net Sales

119
Q

A written promise to pay a creditor a certain amount in the future

A

Note Payable

120
Q

A written promise of a customer to pay the business a sum of money at a future date

A

Note Receivable

121
Q

Expenses incurred in the normal operation of a business

A

Operating Expenses/Overhead

122
Q

The amount originally paid for a depreciable asset

A

Original Cost Basis

123
Q

Expenses incurred that are not the direct result of regular trading activities of a business

A

Other Expenses

124
Q

Income received that is not the direct result of regular trading activities of a business

A

Other Income

125
Q

Checks that have been drawn and subtracted from the depositor’s checkbook, but which have not yet been presented to the bank for payment

A

Outstanding Checks

126
Q

The amount by which the total assets exceed the total liabilities of a business; an owner’s financial interest in a business

A

Owner’s Equity
Net Worth
Capital
Proprietorship

127
Q

The issuance of a check without significant funds in the account when it is presented for payment

A

Overdraft

128
Q

A person or company who will receive payment on a promissory note, check, draft, or money order

A

Payee

129
Q

A fund of currency and coin established for the payment of small amounts of money

A

Petty Cash Fund

130
Q

A form used to reflect payments from the petty cash fund

A

Petty Cash Vouchers

131
Q

A work paper prepared after all temporary owner’s equity accounts have been closed and all permanent accounts have been balanced and ruled, proving the equality of the debits and credits

A

Post Closing Trial Balance

132
Q

A check dated subsequent to its date of issuance

A

Postdated Check

133
Q

The transferal of data from the journal to the ledger

A

Posting

134
Q

Items which are considered to be assets when acquired, but which will become expenses when consumed or expired

A

Prepaid Expenses

135
Q

The face value of a promissory note upon which interest is computed

A

Principal

136
Q

Net income divided by net sales

A

Profit Margin

137
Q

Provides evidence concerning the earnings potential of a company and how effectively the firm is being managed

A

Profitability Analysis

138
Q

A written promise made by a person or business to pay a certain sum of money to another person or business at a specified time in the future

A

Promissory Note

139
Q

A process which examines each page of a journal, confirming that the debit entries equal the credit entries on each page

A

Proving the Journal

140
Q

The process of determining whether the amount of cash, both on hand and in the bank, is the same as that which is indicated in the accounting records

A

Proving Cash

141
Q

A source document prepared by the seller listing the items shipped, their cost and the method of shipment (from the buyer’s viewpoint)

A

Purchase Invoice

142
Q

A written order by a buyer for merchandise or other property specified in the purchase requisition

A

Purchase Order

143
Q

A form used to request the responsible person or department to purchase merchandise or other property

A

Purchase Requisition

144
Q

A temporary owner’s equity account used to record the buying of merchandise for resale

A

Purchases

145
Q

A temporary owner’s equity contra account used to record discounts taken on inventory purchases; the amount of any discounts granted by suppliers to encourage prompt payment of their invoices

A

Purchases Discount

146
Q

A book of original entry used to record purchases of merchandise on credit only

A

Purchases Journal

147
Q

A temporary owner’s equity contra account utilized to record the return of merchandise to the manufacturer or supplier as the result of material defects in workmanship and/or inferior product quality

A

Purchases Return and Allowances

148
Q

A three month Period

A

Quarterly

149
Q

Cash, marketable securities, accounts and notes receivable

A

Quick Assets

150
Q

The annual percentage rate used to compute interest

A

Rate

151
Q

The committing of a business transaction and the events surrounding such into writing

A

Recording/Data Entry

152
Q

An endorsement which limits the use of funds to the purpose stated

A

Restrictive Endorsement

153
Q

A tax imposed on tangible personal property sold at retail

A

Retail Sales Tax

154
Q

Generally considered to be compensation fro managerial or administrative services expressed in terms of a month or year

A

Salary

155
Q

A temporary owner’s equity account used to record the earning of revenue

A

Sales

156
Q

A temporary owner’s equity contra account used to record discounts given to customers as an incentive for prompt payment

A

Sales Discount

157
Q

A source document prepared by the seller that lists the items shipped, their cost, and the method of shipment, from the seller’s viewpoint

A

Sales Invoice

158
Q

A book of original entry used for the recording of sales of merchandise on credit only

A

Sales Journal

159
Q

A temporary owner’s equity contra account used to record credit given to a customer for shortages or damaged goods

A

Sales Returns and Allowances

160
Q

The first record of a business transaction, such as check stubs, receipts, sales invoices, purchase invoices, cash register tapes, etc

A

Source Document/Business Paper

161
Q

A special journal designed to accumulate data about only one kind of business transaction

A

Special Journal

162
Q

A report sent to each customer, usually at the end of the month, which indicates the status of their account

A

Statement of Account

163
Q

A formal financial statement which summarizes all of the changes in owner’s equity during a specified period of time

A

Statement of Owner’s Equity/Statement of Net Worth

164
Q

A method in which the depreciable cost basis of an asset is apportioned equally over its estimated useful life expressed in terms of months or years

A

Straight Line Depreciation

165
Q

An order by a depositor requesting a bank not to pay on a check previously issued

A

Stop Payment Order

166
Q

Bringing accounting data together in a way that will further enhance its usefulness, usually by means of reports and statements

A

Summarizing

167
Q

A type of asset that will be consumed as it is used

A

Supplies

168
Q

SUTA

A

State Unemployment Tax Act

169
Q

A skeleton form of an account used for instructional purposes

A

T Account

170
Q

The amount of pay after deductions have been subtracted

A

Take Home Pay/Net Pay

171
Q

Those assets that can be appraised by value or seen or touched

A

Tangible Assets

172
Q

Accounts utilized to accumulate income, expenses and owner’s withdrawals for one accounting period only

A

Temporary Owner’s Equity

173
Q

The period of time from the date of the note to the maturity date

A

Time/Term of Note

174
Q

Any activity of a business enterprise that involves the exchange of values

A

Transaction

175
Q

The effect of transactions on the accounting elements

A

Transaction Analysis

176
Q

An amount written with the digits in incorrect order

A

Transposition Error

177
Q

A work paper proving the equality of the debit and credit balances in the ledger

A

Trial Balance

178
Q

The estimated determinable life of a fixed asset

A

Useful Life

179
Q

Wage and Tax statement; a report furnished by the employer for each employee indicating gross earnings and deductions for income and FICA taxes

A

W-2 form

180
Q

Employee’s withholding allowance certificate

A

W-4 form

181
Q

A form of compensation usually for skilled and unskilled labor, expressed in terms of hours, weeks, or pieces completed

A

Wage

182
Q

An expanded trial balance utilized for computing, classifying, and sorting account balances before preparing the formal financial statements

A

Worksheet

Principles II - Vocabulary (21 decks)

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