FBLA Flashcards
(316 cards)
1
Q
Accelerated depreciation
A
Any method of depreciation which records greater depreciation expense in the early years and less depreciation expense in the later years.
2
Q
Account
A
A record that summarizes all the transactions pertaining to a single item in the accounting equation.
3
Q
Account balance
A
The difference between the increases and decreases in an account.
4
Q
Accounting
A
The process of planning, recording, analyzing, and interpreting financial information.
5
Q
Accounting cycle
A
The series of accounting activities included in recording financial information for a fiscal period.
6
Q
Accounting equation
A
An equation showing the relationship among assets, liabilities, and owner’s equity.
7
Q
Accounting system
A
A planned process designed to compile financial data and summarize the results in accounting records and reports.
8
Q
Accounts payable ledger
A
A planned process designed to compile financial data and summarize the results in accounting records and reports.
9
Q
Accounts receivable ledger
A
A subsidiary ledger containing all accounts for charge customers.
10
Q
Accrual
A
An entry recording revenue before the cash is received, or an expense before the cash is paid.
11
Q
Accrual basis of accounting
A
Reporting income when earned and expenses when incurred.
12
Q
Accrued expenses
A
Expenses incurred in one fiscal period, but not paid until a later fiscal period.
13
Q
Accrued expenses entry
A
Expenses incurred in one fiscal period, but not paid until a later fiscal period.
14
Q
Accrued interest expense
A
Expenses incurred in one fiscal period, but not paid until a later fiscal period.
15
Q
Accrued interest income
A
Interest earned but not yet received.
16
Q
Accrued revenue
A
Interest earned but not yet received.
17
Q
Accumulated depreciation
A
The total amount of depreciation expense that has been recorded since thepurchase of a plant asset.
18
Q
Accumulated earnings
A
The total gross earnings year to date for an employee.
19
Q
Accelerated depreciation
A
Any method of depreciation which records greater depreciation expense in the early years and less depreciation expense in the later years.
20
Q
adjusting entries
A
Journal entries recorded to update general ledger accounts at the end of a fiscal period.
21
Q
adjustments
A
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
22
Q
aging of accounts receivable
A
Analyzing accounts receivable according to when they are due.
23
Q
allowance method
A
Crediting the estimated value of uncollectible accounts to a contra account.
24
Q
amortization
A
The spreading of the cost of an intangible asset over its useful life.
25
articles of incorporation
A legal document that identifies basic characteristics of a corporation, which is a part of the application submitted to a state to become a corporation.
26
assessed value
he value of an asset determined by tax authorities for the purpose of calculating taxes.
27
balance sheet
A financial statement that reports assets, liabilities, and owner’s equity on a specific date.
28
bank statement
A report of deposits, withdrawals, and bank balances sent to a depositor by a bank.
29
batch report
A report of credit card sales produced by a point-of-sale terminal.
30
batching out
The process of preparing a batch report from a point-of-sale terminal.
31
beginning inventory
The amount of inventory on hand at the beginning of a fiscal period.
32
benchmark
A standard used to compare financial performance.
33
bill of lading
A receipt signed by the authorized agent of a transportation company for merchandise received that also serves as a contract for the delivery of the merchandise.
34
blank endorsement
An endorsement consisting only of the endorser’s signature.
35
board of directors
A group of persons elected by the stockholders to govern a corporation.
36
bond
A long-term promise to pay a specified amount on a specified date and to pay interest at stated intervals.
37
bond issue
All bonds representing the total amount of a loan.
38
book value
The difference between an asset’s account balance and its related contra account balance.
39
book value of a plant asset
The original cost of a plant asset minus accumulated depreciation.
40
book value of accounts receivable
The difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts.
41
canceled check
A check which has been paid by the bank.
42
capital
The assets or other financial resources available to a business.
43
capital expenditures
Purchases of plant assets used in the operation of a business.
44
capital stock
The total shares of ownership in a corporation.
45
cash basis of accounting
Reporting income when the cash is received and expenses when the cash is paid.
46
cash discount
A deduction that a vendor allows on an invoice amount to encourage prompt payment.
47
cash flow
The cash receipts and cash payments of a company.
48
cash over
A petty cash on hand amount that is more than the recorded amount.
49
cash payments journal
A special journal used to record only cash payment transactions.
50
cash receipts journal
A special journal used to record only cash receipt transactions.
51
cash sale
A sale in which the customer pays for the total amount of the sale at the time of the transaction.
52
cash short
A petty cash on hand amount that is less than the recorded amount.
53
charter
A state approves the formation of a corporation by issuing a charter, the legal right for a business to conduct operations as a corporation.
54
check
A business form ordering a bank to pay cash from a bank account.
55
checking account
A bank account from which payments can be ordered by a depositor.
56
closing entries
Journal entries used to prepare temporary accounts for a new fiscal period.
57
collateral
Assets pledged to a creditor to guarantee repayment of a loan.
58
commercial invoice
A statement prepared by the seller of merchandise addressed to the buyer showing a detailed listing and description of merchandise sold, including prices and terms.
59
commission
A method of paying an employee based on the amount of sales the employee generates. Commissions are normally calculated as a percent of an employee’s sales.
60
comparative financial statements
Financial statements that provide information for multiple fiscal periods.
61
contra account
An account that reduces a related account on a financial statement.
62
contract of sale
A document that details all the terms agreed to by seller and buyer for a sales transaction.
63
controlling account
An account in a general ledger that summarizes all accounts in a subsidiary ledger.
64
corporation
An organization with the legal rights of a person which many persons or other corporations may own.
65
correcting entry
If a transaction has been improperly journalized and posted to the ledger, the incorrect journal entry should be corrected with an additional journal entry, called a correcting entry.
66
cost of capital
The ratio of interest and dividend payments to the proceeds from debt and capital financing.
67
cost of merchandise
The amount a business pays for goods it purchases to sell.
68
cost of merchandise sold
The original price of all merchandise sold during a fiscal period.
69
credit limit
he maximum outstanding balance allowed to a customer by a vendor.
70
credit memorandum
A form prepared by the vendor showing the amount deducted for returns and allowances.
71
creditor
A person or business to whom a liability is owed.
72
current assets
Cash and other assets expected to be exchanged for cash or consumed within a year.
73
current liabilities
Liabilities due within a short time, usually within a year.
74
current ratio
A ratio that measures the relationship of current assets to current liabilities.
75
data analytics
The process of using computer software to analyze large amounts of data extracted from accounting systems.
AKA data mining
76
debit card
A bank card that automatically deducts the amount of a purchase from the checking account of the cardholder.
77
debit memorandum
A form prepared by the customer showing the price deduction taken by the customer for a return or an allowance.
78
debt financing
Obtaining capital by borrowing money for a period of time.
79
debt ratio
Total liabilities divided by total assets.
80
declaring a dividend
Action by a board of directors to distribute corporate earnings to stockholders.
81
declining-balance method of depreciation
A type of accelerated depreciation that multiplies the book value of an asset by a constant depreciation rate to determine annual depreciation.
82
deferral
An entry recording the receipt of cash before the related revenue is earned, or payment of cash before the related expense is incurred.
83
deferred expenses
Payments for goods or services which have not yet been received. See also prepaid expense.
84
deferred revenue
Cash received for goods or services which have not yet been provided.
85
deposit
The payment of payroll taxes to the government.
86
deposit slip
A bank form which lists the checks, currency, and coins an account holder is adding to a bank account.
87
depreciation
A loss in the usefulness of a plant asset as a result of wear or obsolescence
88
depreciation expense
The portion of a plant asset’s cost that is transferred to an expense account in each fiscal period during that assets useful life.
89
direct deposit
The payment of an employee’s net pay using electronic funds transfer.
90
direct write-off method
Recording uncollectible accounts expense only when an amount is actually known to be uncollectible.
91
discount period
The period of time during which a customer may take a cash discount.
92
dishonored check
A check that a bank refuses to pay.
93
dishonored note
A note that is not paid when due.
94
distribution of net income statement
A partnership financial statement showing net income or loss distribution to partners.
95
dividend yield
The relationship between dividends per share and market price per share.
96
dividends
Earnings distributed to stockholders.
97
double declining-balance method of depreciation
A declining-balance rate that is two times the straight-line rate.
98
double-entry accounting
The recording of debit and credit parts of a transaction.
99
draft
A written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party.
100
dual control
A control procedure requiring two employees to complete the same action.
101
due date
The date by which an invoice must be paid.
102
earnings per share
Net income after federal income tax divided by the number of outstanding shares of stock.
103
electronic funds transfer
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents.
104
employee earnings record
A business form used to record details of an employee’s earnings and deductions.
105
ending inventory
The actual count of merchandise at the end of a fiscal period.
106
endorsement
A signature or stamp on the back of a check transferring ownership.
107
equities
Financial rights to the assets of a business.
108
equity
The difference between assets and liabilities.
109
equity financing
Obtaining capital by issuing stock in a corporation.
110
exports
Goods or services shipped out of a seller’s home country to another country.
111
federal unemployment tax
A federal tax paid by employers to administer the unemployment program.
112
file maintenance
The procedure for arranging accounts in a general ledger, assigning account numbers, and keeping records current.
113
financial accounting
The area of accounting which focuses on reporting information to external users.
114
financial leverage
The ability of a business to use borrowed funds to increase its earnings.
115
financial ratio
A comparison between two components of financial information.
116
financial statements
Financial reports that summarize the financial condition and operations of a business.
117
financing activities
Cash receipts and payments involving debt or equity transactions.
118
first-in, first-out inventory costing method (FIFO)
Using the price of merchandise purchased first to calculate the cost of merchandise sold first
119
fiscal period
The length of time for which a business summarizes its financial information and reports its financial performance.
120
fiscal year
A fiscal period consisting of 12 consecutive months.
121
GAAP
Generally accepted accounting principles. The standards and rules that accountants follow while recording and reporting financial activities.
122
gain
An increase in equity resulting from activity other than selling goods or services.
123
gain on plant assets
An increase in equity that results when a plant asset is sold for more than book value.
124
general amount column
A journal amount column that is not headed with an account title.
125
general journal
A journal with two amount columns in which all kinds of entries can be recorded.
126
general ledger
A ledger that contains all accounts needed to prepare financial statements
127
gross margin
Gross profit as a percent of net sales.
128
gross profit
The operating revenue remaining after cost of merchandise sold has been deducted.
129
gross profit method of estimating inventory
Estimating inventory by using the previous year’s percentage of gross profit on operations.
130
horizontal analysis
A comparison of one item on a financial statement with the same item on a previous period’s financial statement.
131
imports
Goods or services shipped into the buyer’s home country from another country.
132
income from operations
The operating revenue remaining after the cost of merchandise sold and operating expenses have been deducted.
133
income statement
A financial statement showing the revenue and expenses for a fiscal period.
134
individual retirement account (IRA)
A qualified retirement plan that provides most individuals with a deferred federal income tax benefit.
135
intangible asset
An asset that does not have physical substance.
136
interest expense
Interest accrued on borrowed funds.
137
interest income
The interest earned on money loaned.
138
interest rate
The percentage of the principal that is due for the use of the funds secured by a note.
139
inventory
A list of assets, usually containing the value of individual items.
140
inventory record
A form used during a physical inventory to record information about each item of merchandise on hand.
141
investing activities
Cash receipts and cash payments involving the sale or purchase of assets used to earn revenue over a period of time.
142
invoice
A form describing the goods or services sold, the quantity, the price, and the terms of sale.
143
issue date
The date on which a business issues a note, bond, or stock.
144
journal
A form for recording transactions in chronological order.
145
journalizing
Recording transactions in a journal.
146
401(k)
A qualified retirement plan sponsored by an employer.
147
last-in, first-out inventory costing method (LIFO)
Using the price of merchandise purchased last to calculate the cost of merchandise sold first.
148
ledger
A group of accounts.
149
letter of credit
A letter issued by a bank guaranteeing that a named individual or business will be paid a specified amount provided stated conditions are met.
150
liability
An amount owed.
151
line of credit
A bank loan agreement that provides immediate short-term access to cash.
152
liquidation of a partnership
The process of paying a partnership’s liabilities and distributing remaining assets to the partners
153
liquidity ratio
A ratio that measures the ability of a business to pay its current financial obligations.
154
list price
The retail price listed in a catalog or on an Internet site.
155
long-term liabilities
Liabilities owed for more than a year.
156
lookback period
The 12 month period that ends on June 30th of the prior year that is used to determine how frequently a business must deposit payroll taxes.
157
loss
A decrease in equity resulting from activity other than selling goods or services.
158
loss on plant assets
The decrease in equity that results when a plant asset is sold for less than book value.
159
lower of cost or market inventory costing method (LCM)
Using the lower of cost or market price to calculate the cost of ending merchandise inventory.
160
maker of a note
The person or business that signs a note and thus promises to make payment.
161
managerial accounting
The area of accounting that focuses on reporting information to internal users.
162
marginal tax rate
The tax rate associated with a tax bracket.
163
market ratio
A ratio that measures a corporation’s financial performance in relation to the market value of its stock.
164
market value
The price that must be paid to replace an asset.
165
markup
The amount a business adds to the cost of merchandise to establish the selling price.
166
maturity date
The date on which the principal of a note is due to be repaid.
167
maturity value
The amount that is due on the maturity date of a note.
168
Medicare tax
A federal tax paid for hospital insurance.
169
memorandum
A form on which a brief message is written to describe a transaction.
170
merchandise
Goods that a business purchases to sell.
171
merchandise inventory
The goods a business has on hand for sale to customers.
172
merchandising business
A business that purchases and resells goods.
173
net income
The difference between total revenue and total expenses when total revenue is greater.
174
net loss
The difference between total revenue and total expenses when total expenses are greater.
175
net pay
Earnings paid to an employee after payroll taxes and other deductions.
176
net price
The price after the trade discount has been deducted from the list price.
177
net realizable value
The amount of accounts receivable a business expects to collect.
178
net sales
The amount of sales, less sales discounts and sales returns and allowances.
179
net worth statement
A formal report that shows what an individual owns, what an individual owes, and the difference between the two
180
non-operating expenses
Expenses that are not related to a business’s normal operations.
181
non-sufficient funds check
A check dishonored by the bank because of insufficient funds in the account of the maker of the check.
182
normal balance
The side of an account that is increased is called the normal balance of the account.
183
note payable
A promissory note signed by a business and given to a creditor.
184
note receivable
A promissory note that a business accepts from a person or business.
185
opening an account
Writing an account title and number on the heading of an account.
186
operating activities
The cash receipts and payments necessary to operate a business on a day-to-day basis.
187
operating expense ratio
Total operating expenses as a percent of net sales.
188
operating expenses
The expenses incurred by a business in its normal operations.
189
operating Margin
Income from operations as a percent of net sales.
190
operating revenue
The revenue earned by a business from its normal business operations.
191
owners’ equity statement
A financial statement that summarizes the changes in owners’ equity during a fiscal period.
192
owner’s equity
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
193
par value
A value assigned to a share of stock and printed on the stock certificate.
194
partnership
A business in which two or more persons combine their assets and skills.
195
pay period
A written agreement setting forth the conditions under which a partnership is to operate
196
pay period
The number of days or weeks of work covered by an employee’s paycheck.
197
Payee
The person or business to whom the amount of a note is payable.
198
payroll
The total amount earned by all employees for a pay period.
199
payroll clerk
The accounting staff position that compiles and computes payroll data, then prepares, journalizes, and posts payroll transactions.
200
payroll deduction
Any amount withheld from an employee’s gross earnings.
201
payroll register
An accounting form that summarizes the earnings, deductions, and net pay of all employees for one pay period.
202
payroll taxes
Taxes based on the payroll of a business.
203
percent of accounts receivable method
A method that uses an analysis of accounts receivable to estimate the amount that will be uncollectible.
204
percent of sales method
A method used to estimate uncollectible accounts receivable which assumes that a percentage of each sales dollar will eventually become uncollectible.
205
periodic inventory
A merchandise inventory evaluated at the end of a fiscal period.
206
permanent accounts
Accounts used to accumulate information from one fiscal period to the next.
207
perpetual inventory
An inventory determined by keeping a continuous record of increases, decreases, and the balance on hand of each item of merchandise.
208
personal net worth
The difference between personal assets and personal liabilities.
209
personal property
All property not classified as real property.
210
petty cash
An amount of cash kept on hand and used for making small payments.
211
petty cash slip
A form showing proof of a petty cash payment.
212
physical inventory
A periodic inventory conducted by counting, weighing, or measuring items of merchandise on hand.
213
plant asset record
An accounting form on which a business records information about each plant asset.
214
plant assets
Physical assets that will be used for a number of years in the operation of a business
215
point-of-sale (POS) terminal
A specialized computer used to collect, store, and report all the information about a sales transaction.
216
post-closing trial balance
A trial balance prepared after the closing entries are posted.
217
postdated check
A check with a future date on it.
218
posting
Transferring information from a journal entry to a ledger account.
219
preferred stock
A class of stock that gives preferred shareholders preference over common shareholders in dividends along with other rights.
220
prepaid expense
Cash paid for an expense in one fiscal period that is not used until a later period. See also deferred expenses.
221
price-earnings ratio
The relationship between the market value per share and earnings per share of a stock.
222
prime interest rate
The interest rate charged to a bank’s most creditworthy customers.
223
principal
The original amount of a note, sometimes referred to as the face amount.
224
profit margin
Net income after federal income tax as a percent of net sales.
225
profitability ratio
A ratio that measures the ability of a business to generate income.
226
promissory note
A written and signed promise to pay a sum of money at a specified time.
227
proprietorship
A business owned by one person
228
proving cash
Determining that the amount of cash agrees with the balance of the cash account in the accounting records.
229
purchase invoice
An invoice used as a source document for recording a purchase on account transaction.
230
purchase on account
A transaction in which the items purchased are to be paid for later.
231
purchase order
A form requesting that a vendor sell merchandise to a business.
232
purchases allowance
Credit allowed for part of the purchase price of merchandise that is not returned, resulting in a decrease in the customer’s account payable to the vendor.
233
purchases discount
When a company that has purchased merchandise on account takes a cash discount.
234
purchases journal
A special journal used to record only purchases of merchandise on account.
235
purchases return
Credit allowed for the purchase price of returned merchandise, resulting in a decrease in the customer’s account payable to the vendor.
236
qualified retirement plan
A retirement savings plan approved by the Internal Revenue Service that provides individuals with a tax benefit. See also 401(k), individual retirement account, Roth IRA.
237
quick assets
Cash and other current assets that can be quickly converted into cash.
238
quick ratio
A ratio that measures the relationship of quick assets to current liabilities.
239
ratio analysis
The calculation and interpretation of a financial ratio.
240
real property
Land and anything attached to the land.
241
realization
Cash received from the sale of assets during liquidation of a partnership.
242
receipt
A business form giving written acknowledgement for cash received.
243
requisition
A form requesting the purchase of merchandise.
244
restrictive endorsement
An endorsement restricting further transfer of a check’s ownership.
245
retail merchandising business
A merchandising business that sells to those who use or consume the goods.
246
retained earnings
An amount earned by a corporation and not yet distributed to stockholders.
247
return on investment
The ratio of the money earned on an investment relative to the amount of the investment.
248
return on sales (ROS)
The ratio of net income to total sales.
249
revenue
An increase in equity resulting from the sale of goods or services.
250
revenue expenditure
The payment of an operating expense necessary to earn revenue.
251
reversing entry
An entry made at the beginning of one fiscal period to reverse an adjusting entry made in the previous fiscal period.
252
Roth individual retirement account (Roth IRA)
A qualified retirement plan that allows tax-free withdrawals from the account.
253
salary
A fixed annual sum of money divided among equal pay periods.
254
salary expense
The total of gross earnings for all employees earning hourly wages, salaries, and commissions.
255
sale on account
A sale for which payment will be received at a later date.
256
sales allowance
Credit allowed to a customer for part of the sales price of merchandise that is not returned, resulting in a decrease in the accounts receivable of the merchandising business.
257
sales discount
A cash discount on a sale taken by the customer.
258
sales invoice
An invoice used as a source document for recording a sale on account. A sales invoice is also referred to as a sales ticket or a sales slip.
259
sales journal
A special journal used to record only sales of merchandise on account.
260
sales return
Credit allowed to a customer for the sales price of returned merchandise, resulting in a decrease in the accounts receivable of the merchandising business.
261
sales tax
A tax on a sale of merchandise or services.
262
salvage value
The amount that will be received for an asset at the time of its disposal.
263
schedule of accounts payable
A listing of vendor accounts, account balances, and the total amount due to all vendors. Some businesses call this listing an accounts payable trial balance.
264
schedule of accounts receivable
A listing of customer accounts, account balances, and total amount due from all customers.
265
selling price
A listing of customer accounts, account balances, and total amount due from all customers.
266
selling price
The amount a business receives from the sale of an item of merchandise.
267
service business
A business that performs an activity for a fee.
268
share of stock
A unit of ownership in a corporation.
269
sight draft
A draft payable on sight when the holder presents it for payment.
270
social security tax
A federal tax paid for old-age, survivors, and disability insurance.
271
solvency ratio
A ratio that measures the ability of a business to pay its long-term liabilities.
272
source document
A business paper from which information is obtained for a journal entry.
273
special amount column
A journal amount column headed with an account title.
274
special endorsement
An endorsement indicating a new owner of a check.
275
special journal
A journal used to record only one kind of transaction.
276
state unemployment tax
A state tax paid by employers that is used to pay benefits to unemployed workers.
277
stated interest rate
The interest rate used to calculate periodic interest payments on a bond.
278
statement of cash flows
A financial statement that summarizes cash receipts and cash payments resulting from business activities during a fiscal period.
279
statement of changes in retained earnings
A financial statement that shows the changes in retained earnings for the period.
280
statement of stockholders’ equity
A financial statement that shows changes in a corporation’s ownership for a fiscal period.
281
stock ledger
A file of stock records for all merchandise on hand.
282
stock record
A form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand.
283
stockholder
The owner of one or more shares of stock.
284
straight-line method of depreciation
Recording an equal amount of depreciation expense for a plant asset in each year of its useful life
285
subsidiary ledger
A ledger that is summarized in a single general ledger account. Accountants often refer to a subsidiary ledger as a subledger.
286
supporting schedule
A report prepared to give details about an item on a principal financial statement.
287
T account
An accounting device used to analyze transactions.
288
tax base
The maximum amount of earnings on which a tax is calculated.
289
tax bracket
Each tax rate and taxable income amount on one line of a tax table.
290
temporary accounts
Accounts used to accumulate information until it is transferred to the owner’s capital account.
291
terminal summary
The report that summarizes the cash and credit card sales of a point-of-sale terminal. A terminal summary is also known as a Z tape
292
terms of sale
An agreement between a buyer and a seller about payment for merchandise.
293
time clock
A device used to record the dates and times of every employee’s arrivals and departures.
294
time draft
A draft that is payable at a fixed or determinable future time after it is accepted.
295
time of a note
The length of time from the signing date to the maturity date, usually expressed as the number of days.
296
total earnings
The total amount paid by a business for an employee’s work, earned by a wage, salary, or commission.
297
trade acceptance
A form signed by a buyer at the time of a sale of merchandise in which the buyer promises to pay the seller a specified sum of money, usually at a stated time in the future.
298
trade discount
A reduction in the list price granted to a merchandising business.
299
transaction
Any business activity that changes assets, liabilities, or owner’s equity.
300
trend analysis
An analysis of changes over time.
301
trial balance
A proof of the equality of debits and credits in a general ledger.
302
unadjusted trial balance
A trial balance prepared before adjusting entries are posted.
303
uncollectible accounts
Accounts receivable that cannot be collected.
304
useful life
The period of time over which an asset contributes to the earnings of a business.
305
vendor
A business from which merchandise, supplies, or other assets are purchased.
306
vertical analysis
Reporting an amount on a financial statement as a percentage of another item on the same financial statement.
307
voided check
A check that cannot be processed because the maker has made it invalid.
308
voucher check
A check which has a detachable check stub, or voucher, that contains detailed information about the cash payment.
309
wage
The amount paid to an employee for every hour worked.
310
weighted-average inventory costing method
Using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold.
311
wholesale merchandising business
A business that buys and resells merchandise primarily to other merchandising businesses.
312
withdrawals
Assets taken from the business for the owner’s personal use.
313
withholding allowance
A deduction from total earnings for each person legally supported by a taxpayer, including the employee.
314
work sheet
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements.
315
working capital
The amount of total current assets less total current liabilities.
316
writing off an account
Canceling the balance of a customer account because the customer does not pay.
