Hello all!
The content for this episode has been pulled from The Conference: The International Conference of Funeral Service Examining Boards: National Board Exam Study Guide Volume 12.3's glossary for their Arts section.
*Accounting, pgs. 43-48*
ALL credit is given to The Conference and all references cited in their guide, including the American Board of Funeral Service Education. A full list of cited references is located at the back of this book.
This podcast is meant for educational purposes ONLY.
Definitions that repeat:
Allowance for doubtful accounts: a contra- asset account utilized to accumulate totals against accounts receivable
Deposit ticket: a bank form that lists those cash items (currency/coin) and individual checks to be deposited
Double entry bookkeeping: the process of recording equal debits and credits for a single business transaction
Gross pay: income before any deductions have been made
Gross profit: net sales minus the cost of goods sold
Long-term analysis: properties of a relatively permanent nature used in the operation of a business and not intended for resale
Long-term liabilities: liabilities that are not due and payable within one year
Merchandise: goods purchased for resale at a profit
Net pay: gross pay less payroll deductions: employee's take home pay
Net profit: difference between gross profit and expenses when expenses are larger
Net worth: amount by which the total assets exceed the total liabilities of a business: owner's financial interest in a business
Overhead: expenses incurred in the normal operation of a business
Owner's equity: amount by which the total assets exceed the total liabilities of a business: owner's financial interest in a business
Owner's withdrawals: separate owner's equity account in which withdrawals of cash/other assets by the owner for personal use are recorded
Proprietorship: amount by which the total assets exceed the total liabilities of a business: owner's financial interest in a business
Quick ratio: quick assets divided by current liabilities
Recording: committing of a business transaction and the events surrounding such into writing
Statement of financial position: size statements/percentage method- express the major items in the balance sheet as a percent of the total assets and compare with previous fiscal periods
Statement of operations: size statements/percentage method- express the major items in the income statement as a percent of net sales and compare with previous fiscal periods
Statement of owner's equity: formal financial statement which summarizes all of the changes in owner's equity during a specified period of time
Take home pay: gross pay less payroll deductions: employee's take home pay
Time: period of time from the date of the note to the maturity date
Undepreciated cost: cost of a fixed asset less its accumulated depreciation
Hello all!
The content for this episode has been pulled from The Conference: The International Conference of Funeral Service Examining Boards: National Board Exam Study Guide Volume 12.3's glossary for their Arts section.
*Accounting, pgs. 43-48*
ALL credit is given to The Conference and all references cited in their guide, including the American Board of Funeral Service Education. A full list of cited references is located at the back of this book.
This podcast is meant for educational purposes ONLY.
Definitions that repeat:
Allowance for doubtful accounts: a contra- asset account utilized to accumulate totals against accounts receivable
Deposit ticket: a bank form that lists those cash items (currency/coin) and individual checks to be deposited
Double entry bookkeeping: the process of recording equal debits and credits for a single business transaction
Gross pay: income before any deductions have been made
Gross profit: net sales minus the cost of goods sold
Long-term analysis: properties of a relatively permanent nature used in the operation of a business and not intended for resale
Long-term liabilities: liabilities that are not due and payable within one year
Merchandise: goods purchased for resale at a profit
Net pay: gross pay less payroll deductions: employee's take home pay
Net profit: difference between gross profit and expenses when expenses are larger
Net worth: amount by which the total assets exceed the total liabilities of a business: owner's financial interest in a business
Overhead: expenses incurred in the normal operation of a business
Owner's equity: amount by which the total assets exceed the total liabilities of a business: owner's financial interest in a business
Owner's withdrawals: separate owner's equity account in which withdrawals of cash/other assets by the owner for personal use are recorded
Proprietorship: amount by which the total assets exceed the total liabilities of a business: owner's financial interest in a business
Quick ratio: quick assets divided by current liabilities
Recording: committing of a business transaction and the events surrounding such into writing
Statement of financial position: size statements/percentage method- express the major items in the balance sheet as a percent of the total assets and compare with previous fiscal periods
Statement of operations: size statements/percentage method- express the major items in the income statement as a percent of net sales and compare with previous fiscal periods
Statement of owner's equity: formal financial statement which summarizes all of the changes in owner's equity during a specified period of time
Take home pay: gross pay less payroll deductions: employee's take home pay
Time: period of time from the date of the note to the maturity date
Undepreciated cost: cost of a fixed asset less its accumulated depreciation