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Management > Accounting glossary > Flashcards

Accounting glossary Flashcards

1
Q

A person in possession of an instrument.

A

Bearer

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2
Q

One in possession of commercial paper.

A

Holder

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3
Q

A business owned by one person.

A

Sole Proprietorship

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4
Q

An order by a depositor on the bank to pay a sum of money to a payee.

A

Check

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5
Q

A chart on which all sales are listed showing the number of sales in any sales bracket.

A

Sales Frequency Chart

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6
Q

The person who executes any draft.

A

Drawer

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7
Q

Balance of costly goods paid for in small monthly (fractional) payments over a period of time.

A

Closed End (Installment) Credit

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8
Q

An artificial being, invisible, intangible and existing only in contemplation of law; an entity that has a distinct existence separate and apart from the existence of its individual members.

A

Corporation

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9
Q

One to whom goods are shipped by common carrier.

A

Consignee

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10
Q

The emphasis placed on providing to customers products and services that are safe, reliable, and honestly advertised; also a social movement that seeks to strengthen the rights of consumers relative to sellers.

A

Consumerism

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11
Q

A claim that is supported by a pledge of assets belonging to the debtor.

A

Secured Claim

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12
Q

An endorsement which limits the liability of the endorser.

A

Qualified Endorsement

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13
Q

A negotiable instrument containing a promise to pay.

A

Promissory Note

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14
Q

Those goods or stock of goods which are held for resale at a profit.

A

Inventory (Merchandise)

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15
Q

A reduction of selling price below the original selling price.

A

Markdown

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16
Q

The return of a portion of a payment.

A

Rebate

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17
Q

A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.

A

Negotiable Instrument (Commercial Paper)

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18
Q

A line of credit that may be used over and over again up to a certain borrowing limit.

A

Open-End Credit (Revolving Account)

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19
Q

The contract existing between the cosigner (shipper) and the carrier.

A

Bill of Lading

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20
Q

A reduction of the price given for payment of an account within the time limits established by the sales contract. 2/10, n/30 = 2% discount if paid 10 days from date of invoice/net amount must be paid within 30 days.

A

Cash Discount

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21
Q

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

A

Income Statement

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22
Q

The difference between current assets and current liabilities.

A

Circulating (Working) Capital

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23
Q

A secured loan on a parcel of real estate.

A

Mortgage

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24
Q

The value in an ordered set of values which represents a midpoint, whereby there are an equal number of values above and below the midpoint value.

A

Median

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25
Q

A check drawn on a bank’s own funds and signed by a responsible bank official.

A

Casher’s Check

26
Q

The person hired to perform work and who is obligated both as to the work to be done and as the manner in which it is to be done.

A

Employee

27
Q

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

A

Invoice

28
Q

The acknowledgement by a bank of a receipt of money with an agreement of repayment.

A

Certificate of Deposit

29
Q

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

A

Income (Revenue)

30
Q

A person who deals in goods of a kind, or otherwise by occupation purports to have knowledge or skill peculiar to the practices or goods involved in the transaction.

A

Merchant

31
Q

An endorsement which designates the particular person to whom payment is to be paid.

A

Special Endorsement

32
Q

The person, company, or financial institution ordered to pay a draft.

A

Drawee

33
Q

The person who executes a promissory note.

A

Maker

34
Q

The transfer of title to goods from the seller to the buyer for a consideration called the price.

A

Sale

35
Q

An agreement that payment for a product or service will be made at some later date.

A

Credit

36
Q

The signature or statement of purpose by the owner on the back of a negotiable instrument, which indicates the future control of the instrument.

A

Endorsement

37
Q

The process of planning and executing the development, pricing, promotion, and distribution of an organization’s goods/services.

A

Marketing

38
Q

That value that occurs most frequently in a group of numbers.

A

Mode

39
Q

A writing drawn in a special form which can be transferred from person to person as a substitute for money or as an instrument of credit.

A

Commercial Paper (Negotiable Instrument)

40
Q

The voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit.

A

Partnership

41
Q

The amount by which the bill or invoice will be reduced when a minimum quantity of merchandise has been ordered.

A

Quantity Discount

42
Q

Provides you with information that will help you in operating a business, make right decisions; it is the means by which business information is communicated.

A

Accounting

43
Q

The party to whom an negotiable instrument is made payable.

A

Payee

44
Q

A commercial paper payable to bearer; i.e., to the person having possession of such.

A

Bearer Paper

45
Q

A person who becomes the holder of a negotiable instrument by endorsements which names him/her as the person to whom the instrument is negotiated.

A

Endorsee

46
Q

A relationship of trust and confidence, such as that which exists between partners in a partnership.

A

Fiduciary

47
Q

A written order singed by one person requiring the person to whom it is addressed to pay a particular sum of money to the bearer, either on demand or at a certain time.

A

Draft

48
Q

One who ships goods by common carrier.

A

Cosigner

49
Q

A group of potential customers processing purchasing power and unsatisfied needs.

A

Market

50
Q

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

A

Inventory Turnover

51
Q

The number of times sales in a given price bracket occur over a fixed period of time.

A

Sales Frequency

52
Q

A check for which the bank assures that the drawer has sufficient funds to make payment.

A

Certified Check

53
Q

The party who hires employees to do certain work.

A

Employer

54
Q

Person who writes his or her name on the back of an instrument.

A

Endorser

55
Q

A commercial paper made payable “to the order of” some named party; the word “order” or its equivalent must be used.

A

Order Paper

56
Q

Having no words other than the signature of the endorser (referring to checks).

A

Blank Endorsement

57
Q

A type of credit granted by retailers that is used by individuals or families for satisfaction of their own wants.

A

Consumer Credit

58
Q

An endorsement which prevents the use of the instrument for anything except the stated use.

A

Restrictive Endorsement

59
Q

One who contracts to perform certain tasks for a set fee, but who is independent of the control of the contracting party as a means by which the contract is executed, except for specifications established in the contract.

A

Independent Contractor

60
Q

The difference between merchandise cost and selling price.

A

Markup

Management (33 decks)

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