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Chapter 17

Rewiew for Chapter 17

Accounts ReceivableAmounts that customers owe to a business
OutstandingWhen an account has not been settled or paid
Accounts PayableAmounts owed by a busines to creditors
CreditThe sale of products where the purchaser pays for the product later
Past DueWhen an account was not paid at the agreed-upon time
PayrollA list of all employees and the wages due them
DeductionsThe money subtracted from an employee's total pay
Employee Master FileA database of employee information used to calculate payroll
Total PayThe amount of money an employee earns
Net PayThe amount of money an employee receives after deductions
Operating ExpensesThe combined costs of the normal operation of the business
Income StatementA formal accounting statement showing net income/loss of a business
Balance SheetA formal accounting statement that details a business' assets, liabilities, and owner's equity
Selling expensesThe costs directly involved in selling products to customers
Cost of Merchandise SoldThe total original cost of all merchandise sold during a particular period of time
Financial StatementsReports summarizing accounting information
Net incomeThe difference between revenue and expenses when revenue is higher than expenses
ForecastingPredicting outcomes based on finanacial data
Customer Master FileInformation about customers in a computerized system
Vendor Master FileRecords maintained by a business containing all relevent information about each supplier

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