| A | B |
|---|
| Return on sales is | Net income |
| multicolumn accounting paper printed with space for column headings | Worksheet |
| List of ledger balances | trial balance |
| Voiding a check means to | cancel the check |
| A stop payment order can only be ordered by | the owner |
| The step where we collect and verify source documents | first step |
| The period of time during which accounting records are prepared | accounting period |
| An accounting period of 12 months | fiscal period |
| General journals are also called | all-purpose journals |
| The process of transferring information from the journal to the ledger | posting |
| Temporary account that summarizes the revenue and expenses for an accounting period | Income Summary |
| Temporary account that gets transferred to the credit side of the Income Summary account. | Revenue |
| The entries that reduce temporary accounts to zero | Closing entries |
| How do withdrawals by the owner affect owner's equity? | Decrease OE |
| The difference between current assets and current liabilities | working capital |
| Current assets divided by current liabilities | current ratio formula |
| These are used to protect cash | internal controls |
| Authorized signature to transfer ownership of a check | endorsement |
| An imaged check is a copy of this | cancelled check |
| The initials ATM stand for | automated teller machine |
| This is written on the check stub when an error is made while writing a check | Void/voided |
| This is also called the book of final entry | ledger |
| Process of recording business transactions in a journal | journalizing |
| The ease to which an asset can be converted to cash | liquidity |
| Proof of the ledger | trial balance |
| organizes information from the income statement and balance sheet | worksheet |
| Net income or loss is found on this statement | income statement |
| Summary of changes of business transactions are shown on these (the output of the accounting cycle) | financial statements |
| The last accounting procudre in the accounting cycle | post-closing trial balance |
| Check returned for insufficient funds | returned check |
| statement showing sources and uses of cash | statement of cash flow |
| Entries used to close the temporary accounts at the end of a fiscal period | Closing entries |
| Written order from a depositor to the bank | A check |
| Sometimes called a bounced check | dishonored check |
| Matching expenses incurred with the revenue earned | matching principles |
