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MORT 204 Funeral Service Administration II > Accounting Glossary > Flashcards

Accounting Glossary Flashcards

1
Q

A device for recording the changes (increases or decreases) in the fundamental accounting elements

A

Account

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2
Q

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

A

Accountant

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3
Q

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

A

Account balance

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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 equal liabilities plus owner’s 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

Accounts payable

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8
Q

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

A

Accounts receivable

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9
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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10
Q

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

A

Accrued expense

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11
Q

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

A

Accrued income

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12
Q

A trial balance taken after adjusting entries have been recorded

A

Adjusted trial balance

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13
Q

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

A

Adjusting entries

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14
Q

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

A

Analyzing

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15
Q

Property of monetary value owned by a business

A

Assets

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16
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 position
Statement of financial condition

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17
Q

Express the major items in the balance sheet as a percent of the total assets and compare with previous fiscal periods

A

Balance sheet common-size statements
Percentage method

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18
Q

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

A

Bank draft

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19
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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20
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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21
Q

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

A

Blank endorsement

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22
Q

One who is involved in the process of recording financial information in a prescribed manner
(2 names)

A

Bookkeeper
Information processor

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23
Q

The recording of financial information in a prescribed manner

A

Bookkeeping

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24
Q

The cost of a fixed asset less its accumulated depreciation

A

Book value
Undepreciated cost

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25
Q

A 12 month period beginning January 1st and concluding on December 31st

A

Calendar year

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26
Q

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

A

Canceled check

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27
Q

The amount by which the total assets exceed the total liabilities of a business

A

Capital
Net worth
Owner’s equity
Proprietorship

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28
Q

An owner’s financial interest in a business

A

Capital
Net worth
Owner’s equity
Proprietorship

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29
Q

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

A

Cash

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30
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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31
Q

Money and money substitutes paid

A

Cash disbursements
Cash payments

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32
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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33
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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34
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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35
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
CPA

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36
Q

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

A

Chart of accounts

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37
Q

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

A

Check out

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38
Q

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

A

Check stub

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39
Q

In accounting, to record in order of time

A

Chronological

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40
Q

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

A

Classifying

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41
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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42
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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43
Q

An accounting entry that involves more than two accounts

A

Compound journal entry

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44
Q

An account designed to accumulate totals to offset a related account

A

Contra account

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45
Q

The abbreviation for credit

A

CR.

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46
Q

The right side of a standard account

A

Credit

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47
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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48
Q

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

A

Credit memorandum

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49
Q

A business or individual to whom a debt is owed

A

Creditor

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50
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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51
Q

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

A

Current assets

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52
Q

Debts of a business that are generally paid within one year

A

Current liabilities

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53
Q

The committing of a business transaction and the events surrounding such into writing
(2 names)

A

Data entry
Recording

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54
Q

The left side of a standard account

A

Debit

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55
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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56
Q

Items the bank deducts from the account balance

A

Debit memorandum

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57
Q

The business or individual who owes a debt

A

Debtor

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58
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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59
Q

A bank form which lists those cash items (currency and coin) and individual checks to be deposited

A

Deposit slip
Deposit ticket

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60
Q

The loss in value of a fixed asset due to wear and tear and the passage of time

A

Depreciation

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61
Q

A 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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62
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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63
Q

A payment

A

Disbursement

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64
Q

A check not paid by the bank when properly presented

A

Dishonored check

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65
Q

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

A

Double entry accounting
Double entry bookkeeping

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66
Q

The abbreviation for debit

A

DR.

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67
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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68
Q

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

A

Drawer

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69
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

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70
Q

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

A

Employee

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71
Q

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

A

Endorsement
Indorsement

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72
Q

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

A

Endorser

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73
Q

End of month

A

EOM

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74
Q

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

A

Expense

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75
Q

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

A

Federal income tax withholding

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76
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

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77
Q

A federal act which requires most employers and employees to pay taxes to support the federal social security program
(What is the abbreviation?)

A

FICA

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78
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

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79
Q

A federal act imposed upon each employer for the purpose of financing the administration costs of the federal and state unemployment compensation programs
(What is the abbreviation?)

A

FUTA

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80
Q

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

A

Final processing

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81
Q

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

A

Reporting

82
Q

A period of time covered by an income statement

A

Fiscal period

83
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

84
Q

Liabilities that are not due and payable within one year

A

Fixed liabilities
Long term liabilities

85
Q

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

A

Footing
Pencils footing

86
Q

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

A

General journal

87
Q

The book of accounts

A

General ledger

88
Q

Income before any deductions have been made
(2 names)

A

Gross earnings
Gross pay

89
Q

Income before any deductions have been made
(2 names)

A

Gross earnings
Gross pay

90
Q

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

A

In balance

91
Q

An inflow of assets as a results of selling a product or providing a service
(2 names)

A

Income
Revenue

92
Q

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

A

Income statement
Operating statement
Profit and loss statement
Statement of operations

93
Q

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

A

Income tax

94
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

95
Q

Those assets that cannot be touched or grasped (examples include patents, copyrights, and goodwill)

A

Intangible assets

96
Q

Money paid for the use of money

A

Interest

97
Q

Goods purchased for resale at a profit
(2 names)

A

Inventory
Merchandise

98
Q

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

A

Invoice

99
Q

Any book of original entry

A

Journal

100
Q

The process of recording business transactions in a journal

A

Journalizing

101
Q

A book of accounts in which data from transactions recorded in journals are posted and thereby summarized

A

Ledger

102
Q

Any debts that a business owes

A

Liabilities

103
Q

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

A

Mortgage payable

104
Q

Gross pay - payroll deductions;
An employee’s take home pay
(2 names)

A

Net earnings
Net pay

105
Q

The difference between gross profit and expenses when gross profit is larger
(2 names)

A

Net income
Net profit

106
Q

The difference between gross profit and expenses when expenses are larger

A

Net loss

107
Q

The amount of pay after deductions (income taxes, FICA taxes, etc.) have been subtracted
(2 names)

A

Net pay
Take home pay

108
Q

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

A

Notes payable

109
Q

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

A

Notes receivable

110
Q

Not sufficient funds

A

NSF

111
Q

The amount originally paid for a depreciable asset

A

Original cost basis

112
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

113
Q

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

A

Overdraft

114
Q

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

A

Payee

115
Q

Accounts that accumulate information across accounting periods;
All accounts reported on the balance sheet

A

Permanent accounts

116
Q

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

A

Petty cash fund

117
Q

A form used to reflect payments from the petty cash fund

A

Petty cash voucher

118
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 debits and credits

A

Post closing trial balance

119
Q

A check dated subsequent to (following) its date of issuance

A

Post dated check

120
Q

The transferral of data from the journal to the ledger

A

Posting

121
Q

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

A

Prepaid expenses

122
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

123
Q

A three month period

A

Quarterly

124
Q

The annual percentage rate used to computer interest

A

Rate

125
Q

An endorsement which limits the use of funds to the purpose stated (example: “For Deposit Only”)

A

Restrictive endorsement

126
Q

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

A

Salary

127
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

128
Q

The estimated value of a fixed asset at the end of its useful life

A

Salvage value

129
Q

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

A

Source documents
Business papers

130
Q

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

A

Statement of owner’s equity
Statement of net worth

131
Q

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

A

Stop payment order

132
Q

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

A

Straight line depreciation

133
Q

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

A

Summarizing

134
Q

A type of asset that will be consumed as its its used

A

Supplies

135
Q

State unemployment tax act

A

SUTA

136
Q

A skeleton form of an account used for instructional purposes

A

T account

137
Q

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

A

Tangible assets

138
Q

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

A

Temporary owner’s equity accounts

139
Q

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

A

Transaction

140
Q

The effect of business activities on the accounting elements

A

Transaction analysis

141
Q

An amount written with the digits in incorrect order

A

Transposition error

142
Q

Uncollectible funds

A

UCF

143
Q

The estimated determinable life of a fixed asset

A

Useful life

144
Q

Wage and tax statement

A

W-2 Form

145
Q

A report furnished by the employer for each employee indicated gross earnings and deductions for income and FICA taxes

A

W-2 Form

146
Q

Employees’ withholding allowance certificate

A

W-4 form

147
Q

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

A

Wage

148
Q

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

A

Work sheet

149
Q

Measures how many times per year receivables are collected

A

Accounts receivable turnover

150
Q

Net Credit Sales / Average Accounts Receivable

Average Accounts Receivable = (Beginning Accounts Receivable + Ending Accounts Receivable) / 2

A

Accounts Receivable Turnover

151
Q

Measures how efficiently a firm is utilizing its assets

A

Activity Analysis

152
Q

Measures the average time required to collect receivables

A

Age of accounts receivable

153
Q

365 / Accounts receivable turnover

A

Age of accounts receivable

154
Q

Measures the average time required to sell inventory

A

Age of inventory

155
Q

365 / inventory turnover

A

Age of inventory

156
Q

A contra account utilized to accumulate totals against accounts receivable
(2 names)

A

Allowance for doubtful accounts
Allowance for bad debts

157
Q

Accounts receivable that are uncollectible
(3 name)

A

Bad debts expense
Uncollectible accounts expense
Loss from uncollectible accounts

158
Q

Record the balance sheet data for two or more comparable periods on the same form so that the information can be readily compared

A

Balance sheet comparative forms

159
Q

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

A

Banker’s method
360 day method

160
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

161
Q

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

A

Cash discounts

162
Q

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

A

Cash payments journal

163
Q

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

A

Cash receipts journal

164
Q

Current assets / current liabilities

A

Current asset ratio

165
Q

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

A

Discount period

166
Q

The principal sum a maker of a note promises to pay

A

Face of note

167
Q

Net sales - cost of goods sold
(2 names)

A

Gross margin
Gross profit

168
Q

Gross profit / net sales

A

Gross profit percentage

169
Q

Express major items in the income statement as a percent of the net sales and compare with previous fiscal periods
(2 names)

A

Income statement common-size statements
Percentage method

170
Q

Record the income statement data for two or more comparable periods on the same form so that the information can be readily compared

A

Income statement comparative forms

171
Q

Measures the ability of the firm to meet its current obligations

A

Liquidity analysis

172
Q

Number of times the average inventory has been sold or used up (turned over) during a period

A

Inventory turnover

173
Q

Cost of goods sold for period / average inventory

A

Inventory turnover

174
Q

An individual who promises to pay on a promissory note
An individual who signs a promissory note

A

Maker

175
Q

The date on which payment is due on a promissory note

A

Maturity date

176
Q

Purchases - purchase returns and allowances - purchase discounts

A

Net purchases

177
Q

Sales - sales returns and allowances - sales discounts

A

Net sales

178
Q

Expenses incurred in the normal operation of a business
(2 names)

A

Operating expenses
Overhead

179
Q

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

A

Other expenses

180
Q

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

A

Other income

181
Q

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

A

Principal

182
Q

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

A

Profitability analysis

183
Q

Net income / net sales

A

Profit margin

184
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

185
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

186
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

187
Q

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

A

Purchase order

188
Q

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

A

Purchase requisition

189
Q

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

A

Purchases

190
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

Purchase discounts

191
Q

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

A

Purchase journal

192
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 returns and allowances

193
Q

Cash, marketable securities, accounts and notes receivable

A

Quick assets

194
Q

Quick assets / current liabilities
(2 names)

A

Quick ratio
Acid test ratio

195
Q

A tax imposed on tangible personal property sold at retail

A

Retail sales tax

196
Q

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

A

Sales

197
Q

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

A

Sales discounts

198
Q

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

A

Sales journal

199
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

200
Q

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

A

Special journal

201
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

202
Q

The period of time from the date of the note to the maturity date
(2 names)

A

Time
Term of note

MORT 204 Funeral Service Administration II (1 decks)

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