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Accounting Terms R-Z

Accounting Terms R-Z

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Items (81)

  • Credit allowed to a customer for part of the sales price of merchandise that is not returned

    Sales allowance

  • A financial statement that summarized cash receipts and payments resulting from business activities during a fiscal period

    Statement of cash flows

  • An analysis of changes over time

    Trend analysis

  • A draft that is payable at a fixed or determinable future time after it is accepted

    Time draft

  • The payment of an operating expense necessary to earn revenue

    Revenue expenditure

  • A listing of vendor accounts, account balances, and the total amount due to all vendors

    Schedule of accounts payable, accounts payable trial balance

  • An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period

    Reversing entry

  • A trial balance prepared before adjusting entries are posted

    Unadjusted trial balane

  • A sale for which payment will be received at a later date

    Sale on account

  • A proof of the equality of debits and credits in a general ledger

    Trial balance

  • The amount that will be received for an asset at the time of its disposal

    Salvage value, residual value, scrap value

  • A file of stock records for all merchandise on hand

    Stock ledger

  • A check that cannot be processed because the maker has made it invalid

    Voided check

  • A ledger that is summarized in a single general ledger account

    Subsidiary ledger, subledger

  • Using the average cost of beginning inventory plus acquired inventory to calculate the cost of merchandise sold

    Weighted-average inventory costing method

  • A listing of customer accounts, account balances, and total amount due from all customers

    Schedule of accounts receivable, accounts receivable trial balance

  • A journal used to record only one kind of transaction

    Special journal

  • Each tax rate and taxable income amount on one line of a tax table

    Tax bracket

  • Cash received from the sale of assets during liquidation of a partnership


  • Any persons or groups who will be affected by an action


  • A form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand

    Stock record

  • The calculation and interpretation of a financial ratio

    Ratio analysis

  • An agreement between a buyer and times of every employee's arrivals and departures

    Time clock

  • The ratio of net income to total sales

    Return on sales (ROS)

  • Any business activity that changes assets, liabilities, or owner's equity


  • A ratio that measures the ability of a business to pay its long-term liabilities

    Solvency ratio

  • The interest rate used to calculate periodic interest payments on a bond

    Stated interest rate

  • An invoice used as a source document for recording a sale on account

    Sales invoice, sales ticket, sales slip

  • Accounts used to accumulate information until it is transferred to the owner's capital account

    Temporary accounts, nominal accounts

  • A business that buys and resells merchandise primarily to other merchandising business

    Wholesale merchandising business

  • Assets taken from the business for the owner's personal use


  • A form signed by a buyer promising to pay the seller a specified sum of money for merchandise on a certain date

    Trade acceptance

  • The total of gross earnings for all employees earning hourly wages, salaries, and commissions

    Salary expense

  • The owner of one or more shares of stock


  • A financial statement that shows changes in a corporation's ownership for a fiscal period

    Statement of stockholders' equity

  • A check which has a detatchable check stub, or voucher, that contains detailed information about the cash payment

    Voucher check

  • Credit allowed to a customer for the sales price of returned merchandise

    Sales return

  • The length of time from the signing date to the maturity date, usually expressed in a number of days

    Time of a note, Term

  • Recording an equal amount of depreciation expense for a plant asset in each year of its useful life

    Straight-line method of depreciation

  • Accounts receivable that cannot be collected

    Uncollectible accounts, bad debt

  • An endorsement restricting further transfer of a check's ownership

    Restrictive endorsement

  • Canceling the balance of a customer account because the customer does not pay

    Writing off an account

  • An amount earned by a corporation and not yet distributed to stockholders

    Retained earnings

  • A qualified retirement plan that allows tax-free withdrawals from the account

    Roth individual retirement account (Roth IRA)

  • A draft payable on sight when the holder presents it for payment

    Sight draft

  • A mortgage that has a balance higher than the value of the mortgaged property

    Underwater mortgage

  • The movement of funds from one qualified retirement plan to another


  • A report prepared to give details about an item on a principal financial statement

    Supporting scedule, supplementary report, exhibit

  • Transactions that are set up for automated entry in computerized accounting systems

    Recurring entries, recurring transactions

  • The period of time over which an asset contributes to the earnings of a business

    Useful life

  • An endorsement indicating a new owner of a check

    Special endorsement, endorsement in full

  • The amount of total current assets less total current liabilities

    Working capital

  • Reporting an amount on a financial statement as a percentage of another item on the same financial statement

    Vertical analysis

  • A state tax paid by employers that is used to pay benefits to unemployed workers

    State unemployment tax (SUTA)

  • A merchandising business that sells to those who use or consume the goods

    Retail merchandising business

  • The amount a business receives from the sale of an item of merchandise

    Selling price

  • A business paper from which information is obtained for a journal entry

    Source document

  • A journal amount column headed with an account title

    Special amount column

  • An increase in equity resulting from the sale of goods or services


  • A business that performs an activity for a fee

    Service business

  • Land and anything attached to the land

    Real property, real estate

  • The sum of all sources of income reported on form 1040

    Total income

  • A deduction from total earnings for each person legally supported by a taxpayer, including the employee

    Withholding allowance

  • A tax on a sale of merchandise or services

    Sales tax

  • The total amount paid by a business for an employee's work, earned by a wage, salary, or commission

    Total earnings, gross earnings, gross pay, gross wages

  • A process that requires an employer to withhold a portion of an employee's paycheck to pay a court-ordered debt settlement

    Wage garnishment

  • The amount paid to an employee for every hour worked


  • A business from which merchandise, supplies, or other assets are purchased


  • A cash discount on a sale taken by the customer

    Sales discount

  • An accounting device used to analyze transactions

    T account

  • A unit of ownership in a corporation

    Share of stock

  • The maximum amount of earnings on which a tax is calculated

    Tax base

  • A fixed annual sum of money divided among equal pay periods


  • The report that summarizes the cash and credit card sales of a point-of-sale terminal

    Terminal summary, Z tape

  • A federal tax paid for old-age, survivors, and disability insurance

    Social security tax

  • A reduction in the list price granted to a merchandising business

    Trade discount

  • A positive balance that remains after total expenses are subtracted from total income


  • The ratio of the money earned on an investment relative to the amount of the investment

    Return on investment

  • A business form giving written acknowledgement for cash received


  • A special journal used to record only sales of merchandise on account

    Sales journal

  • The amount of total income minus adjustments, deductions, and exemptions that is used to calculated income tax

    Taxable income