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Presentation transcript:

C A Service Business CashM BPayroll

The principles of right and wrong that guide an individual in making decisions.

What are ethics?

A business owned by one person.

What is a proprietorship?

A person who plans, summarizes, analyzes, and interprets accounting information.

Who is an accountant?

Planning, recording, analyzing, and interpreting financial information.

What is accounting?

A business that purchases and sells goods.

What is a merchandising business?

The amount in an account.

What is the account balance?

Anything of value that is owned.

What is are assets?

The account used to summarize the owner’s equity in a business.

What is the capital account?

Financial rights to the assets of a business.

What are equities?

The number assigned to an account.

What is the account number?

Brining into agreement a bank statement with a party’s cash account records.

What is bank reconciliation?

A form prepared for the placement of cash into a checking account.

What is a deposit slip?

Electronic machine from which cash deposits and withdrawals can be made.

What is an ATM (automated teller machine)?

A bank account from which payments can be ordered by a depositor.

What is a checking account?

A system established by a business that keeps a small amount of cash on hand for making small payments.

What is a petty cash system?

An account in a general ledger that summarizes all accounts in a subsidiary ledger.

What is a controlling account?

The price a business pays for goods it purchases to sell.

What is the cost of merchandise?

Each member of a partnership.

What is a partner?

A tax on a sale of merchandise or services.

What is a sales tax?

The amount of goods on hand.

What is inventory?

Period covered by a salary payment.

What is a pay period?

Wage and tax statement.

What is a W2?

Taxes owed to the government by the employer based on payroll.

What are employer’s payroll taxes?

Business form used to record payroll activities.

What is a payroll register?

Provides health insurance benefits for the elderly.

What is Medicare tax?