Brooke's Book

Question 1

Accounts payable

Answer 1

amounts due to vendors or suppliers for goods or services received that have not yet been paid for.

Question 2

Accounts recevable

Answer 2

the funds that customers owe your company for products or services that have been invoiced

Question 3

Aging report

Answer 3

a record of overdue invoices, accounts receivable, or unused credit memos by periodic date changes

Question 4

Asset

Answer 4

A useful or valuable thing

Question 5

Balance sheet

Answer 5

a financial statement that reports a company’s assets, liabilities, and shareholder equity

Question 6

Bank statement

Answer 6

a list of all transactions for a bank account over a set period, usually monthly

Question 7

Busniess Transaction

Answer 7

a financial transaction between two or more parties that involves the exchange of goods, money, or services

Question 8

Chart of accounts

Answer 8

an index of all the financial accounts in the general ledger of a company

Question 9

Check stub

Answer 9

A paycheck, also spelled paycheque, pay check or pay cheque, is traditionally a paper document issued by an employer to pay an employee for services rendered.

Question 10

Checkbook reconciliation

Answer 10

making sure the records you’ve kept for all your spending and income match what the bank says on your physical or online statement

Question 11

Checkbook Register

Answer 11

In accounting, a check register or checkbook register is a document, usually part of the general ledger, used to record financial transactions in cash.

Question 12

Closing entries

Answer 12

Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts

Question 13

Cloud Accounting

Answer 13

Cloud computing is the on-demand availability of computer system resources, especially data storage and computing power, without direct active management by the user. Large clouds often have functions distributed over multiple locations, each of which is a data center

Question 14

Deposit ticket

Answer 14

A deposit slip is a form supplied by a bank for a depositor to fill out, designed to document in categories the items included in the deposit transaction. The categories include type of item, and if it is a cheque, where it is from such as a local bank or a state if the bank is not local.

Question 15

EFT

Answer 15

Electronic funds transfer is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff

Question 16

Entrepreneur

Answer 16

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so

Question 17

Equity

Answer 17

the quality of being fair and impartial.

Question 18

Expense

Answer 18

An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense

Question 19

Fiscal Year

Answer 19

A fiscal year is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations

Question 20

General Ledger

Answer 20

In bookkeeping, a general ledger is a bookkeeping ledger in which accounting data are posted from journals and aggregated from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects

Question 21

Income/Revenue

Answer 21

money received, especially on a regular basis, for work or through investments.

Question 22

In-Transit

Answer 22

in the process of being transported

Question 23

Journal entries

Answer 23

A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company’s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit

Question 24

Liability

Answer 24

In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events

Question 25

POS

Answer 25

The point of sale or point of purchase is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment

Question 26

Profit margin

Answer 26

the amount by which revenue from sales exceeds costs in a business.

Question 27

Purchase Discount

Answer 27

Purchase discount is an offer from the supplier to the purchaser, to reduce the payment amount if the payment is made within a certain period of time. For example, a purchaser bought a $100 item, with a purchase discount term 3/10, net 30. If he pays within 10 days, he will only need to pay $97.

Question 28

Purchase return

Answer 28

when the buyer of merchandise, inventory, fixed assets, or other items sends these goods back to the seller

Question 29

Sale discount

Answer 29

a reduced price offered by a business on a product or service

Question 30

Sale return

Answer 30

merchandise sent back by a buyer to the seller

Question 31

Sales tax liability

Answer 31

funds collected from customers to be distributed to state and local tax agencies by businesses

Question 32

Sales tax payable

Answer 32

a liability account in the balance sheet that keeps track of the sales tax collected from the customers on behalf of the governing tax authority

Question 33

Trial Balance

Answer 33

A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger a

Question 34

Vendor