Term
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Definition
| a ledger dedicated to accounts of a single type and showing details to support a general ledger account |
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Term
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Definition
| an account with a debit balance, which is contrary to the normal balance for a revenue account |
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Term
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Definition
| a business that sells directly to individual consumers |
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Term
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Definition
| the difference between the balance in the sales account and the balance in the sales returns and allowances account |
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Term
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Definition
| a special journal used to record sales of merchandise on credit |
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Term
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Definition
| the actual cost to the business of the merchandise sold to customers |
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Term
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Definition
| an order to the supplier of goods specifying items needed, quantity, price, and credit terms |
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Term
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Definition
| a special journal used to record transactions involving the payments of cash |
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Term
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Definition
| a special journal used to record and post transactions involving the receipt of cash |
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Term
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Definition
| a deposit that is recorded in the cash receipts journal but that reaches the bank too late to be shown on the monthly bank statement |
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Term
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Definition
| a fee charged by a bank to cover the costs of maintaining accounts and providing services |
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Term
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Definition
| a method of paying employees according to a percentage of net sales |
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Term
| social security tax (FICA) |
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Definition
| a tax imposed by the federal insurance contributions act and collected on employee earnings to provide retirement and disability benefits |
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Term
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Definition
| a method of paying employees according to an agreed-upon amount for each week or month |
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Term
| accounts receivable ledger |
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Definition
| a subsidiary ledger that contains credit customers accounts |
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Term
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Definition
| the stock of goods a merchandising business keeps on hand |
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Term
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Definition
| a business that sells goods that it has produced |
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Term
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Definition
| a business that sells goods that it has produced |
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Term
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Definition
| a customer billing for merchandise bought on credit |
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Term
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Definition
| a special journal used to record the purchase of goods on credit |
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Term
| schedule of accounts payable |
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Definition
| a list of all balances owed to creditors |
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Term
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Definition
| a list set to the purchasing department showing the items to be ordered |
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Term
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Definition
| a person or firm issuing the check |
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Term
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Definition
| a written authorization that transfers ownership of a check |
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Term
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Definition
| a special-purpose fund used to handle payments involving small amounts of money |
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Term
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Definition
| in accounting, currency, coins, checks, money orders, and funds on deposit in a bank |
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Term
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Definition
| a record of payroll information for each employee for the pay period |
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Term
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Definition
| a method of paying employees according to the number of units produced |
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Term
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Definition
| a method of paying employees according to a stated rate per hour |
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Term
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Definition
| a business that manufactures or distributes goods to retail businesses or large consumers such as hotels and hospitals |
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Term
| schedule of accounts receivable |
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Definition
| a listing of all balances of the accounts in the accounts receivable subsidiary ledger |
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Term
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Definition
| a business that sells goods purchased for resale |
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Term
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Definition
| an account that links a subsidiary ledger and the general ledger since it's balance summarizes the balances of the accounts in the subsidiary ledger |
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Term
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Definition
| an account showing transportation charges for items charged |
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Term
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Definition
| an account used to record costs of goods bought for resale during a period |
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Term
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Definition
| a written order signed by an authorized person instructed a bank to pay a specific sum of money to a designated person or business |
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Term
| cash short or over account |
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Definition
| an account used to record any discrepancies between the amount of currency and coins in the cash register and the amount shown on the audit tape |
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Term
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Definition
| the person or firm to whom a check is payable |
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Term
| bank reconciliation statement |
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Definition
| a statement that accounts for all differences between the balance on the bank statement and book balance of cash |
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Term
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Definition
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Term
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Definition
| a tax levied on employees and employers to provide medical care for the employee and the employee's spouse after each has reached age 65 |
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Term
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Definition
| rate of pay for an employee's work in excess of 40 hours a week |
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Term
| workers compensation insurance |
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Definition
| insurance that protects employees against losses from job-related injuries or illnesses, or compensates their families if death occurs in the course of the employment |
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Term
| maximum earning base for social security |
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Definition
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Term
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Definition
| a bill received for goods purchased |
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Term
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Definition
| an order to the supplier of goods, specifying items needed, quantity, price, and credit terms |
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Term
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Definition
| a list sent to the purchasing department showing the items to be ordered |
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Term
| normal balance for sales returns and allowances |
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Definition
| contra revenue account; normal debit balance |
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Term
| normal balance for purchase returns and allowances |
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Definition
| contra cost of goods sold account; normal debit balance |
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