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FBLA Accounting Terminology
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Avg score: 72% • Most missed: “The formal way to prove the ledger; list of all the account names and their curr…”
FBLA Accounting Terminology
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25 Questions

1. A check that has a future date instead of the actual date

2. American Bankers Association number; printed in the upper right corner of a check just below the check number

3. Summarizes the changes resulting from business transactions that occur during an accounting period

4. Money or other property paid out in order to produce profit

5. A record of cash received by a business

6. Provides a needed service for a fee

7. Provide clients a variety of accounting services

8. Person who signs a check

9. An all-purpose journal in which all of the transactions of a business may be recorded

10. A business owned by one person

11. A person or business that has cash on deposit in a bank

12. Occurs when a decimal point is moved by mistake

13. Generally Accepted Accounting Principles; provide a way to communicate financial information in a form understood by those interested in the operations and financial conditions of a business

14. An entry-level job that can vary from specializing in one part of the system to doing a wide range of tasks

15. Start each new accounting period with zero balances

16. The review of a company's accounting systems and financial statements to confirm that they follow generally accepted accounting principles

17. Refer to procedures within the business that are designed to protect cash and other assets and to keep reliable records

18. A demand that the bank not honor a specific check

19. Depositing net pay directly into an employee's personal bank account through electronic funds transfer

20. Employer's quarterly federal tax return that reports accumulated amounts of FICA and federal income taxes withheld from employees' earnings

21. A bank-issued card that can be used at an ATM

22. Exists independently of its owner's personal holdings

23. The increase side of an account

24. An entry on the left side of an account

25. Long-lived assets that are used in the production or sale of other assets or services over several accounting periods

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