Brooke's Book Flashcards

1
Q

Accounts Payable

A

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

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2
Q

Accounts Receivable

A

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

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3
Q

Aging Report

A

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

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4
Q

Asset

A

property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.

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5
Q

Balance Sheet

A

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

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6
Q

Bank Statement

A

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

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7
Q

Business Transaction

A

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

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8
Q

Chart of Accounts

A

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

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9
Q

Check Stub

A

a paper document attached to a physical check or included in a wages envelope.

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10
Q

Checkbook Reconciliation

A

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

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11
Q

Checkbook Register

A

to calculate a running balance of their checking account.

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12
Q

Closing Entries

A

a journal entry made at the end of the accounting period.

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13
Q

Cloud Accounting

A

a system that allows multi-user access and safe online or remote server storage.

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14
Q

Deposit Ticket

A

a list of currency and checks provided by the bank as proof a deposit was made.

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15
Q

EFT

A

electronic funds transfer

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16
Q

Entrepreneur

A

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

17
Q

Equity

A

the quality of being fair and impartial.

18
Q

Expense

A

the cost required for something; the money spent on something.

19
Q

Fiscal Year

A

a one-year period that companies and governments use for financial reporting and budgeting.

20
Q

General Ledger

A

an accounting record of all financial transactions in your business.

21
Q

Income/Revenue

A

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

22
Q

In-Transit

A

in the process of being transported.

23
Q

Journal Entries

A

a record of a business transaction in your business books.

24
Q

Liability

A

rapid, often exaggerated changes in mood, where strong emotions or feelings (uncontrollable laughing or crying, or heightened irritability or temper) occur.

25
P.O.S
a system for making sales in person.
26
Profit Margin
gauges the degree to which a company or a business activity makes money, essentially by dividing income by revenues.
27
Purchase Discount
a deduction that a payer can take from an invoice amount if payment is made by a certain date.
28
Purchase Return
when the buyer of merchandise, inventory, fixed assets, or other items sends these goods back to the seller.
29
Sales Discount
a reduction in the price of a product or service that is offered by the seller, in exchange for early payment by the buyer.
30
Sales Return
merchandise sent back by a buyer to the seller.
31
Sales Tax Liability
funds collected from customers to be distributed to state and local tax agencies by businesses.
32
Sales Tax Payable
The state sales and use tax rate is 5.75 percent.
33
Trial Balance
a report that lists the balances of all general ledger accounts of a company at a certain point in time.
34
Vendor
a person or company offering something for sale, especially a trader in the street.