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NOCTI Advanced Accounting Review
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NOCTI Advanced Accounting Review
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1. The back of a check that is signed with a signature only.

2. The first official document creating when purchasing supplies or merchandise. It is created by the buyer, given to the seller, and lists what is being purchased with quantities and prices.

3. The intersection of a row and column in a spreadsheet.

4. A term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company.

5. An accidental change in the arrangement of number in calculations or writing. For example, writing '54' as '45'.

6. Number of work hours in a year (if working 52 weeks with 40 hours per week)

7. Source document sent to customers showing a detailed list of what was purchased, the amount of the sale, sales tax, and total amount owed. This report also lists the terms of the sale (i.e. when it is due).

8. A system that traces the flow of a transaction from the beginning to the final document.

9. Paid 52 times per year.

10. Checks that are written but have not been presented to the bank for payment yet.

11. A liquidity and efficiency ratio that measures a firm's ability to pay off its short-term liabilities with its current assets. The current ratio is an important measure of liquidity because short-term liabilities are due within the next year.

12. A fee paid by merchants to credit card processors as a fee associated with accepting general-use credit cards (such as Visa, MasterCard, American Express and Discover). Typically this fee runs between 1 percent and 3 percent, depending on the nature of the transaction.

13. Beg. Inventory + Purchases - Ending Inventory

14. A check written or partially written but then canceled or deleted by the maker of the check.

15. The back of a check that states what exactly must happen with the check--for example: For Deposit Only to the account of Beaverton Rural Schools.

16. A check guaranteed by the bank, written on the bank's own account, and signed by a cashier. Individuals may be required to pay for items with a Cashier's Check when purchasing costly items.

17. A report filed every three months that lists a companies payroll earnings and employee income taxes, social security taxes, and medicare taxes owed.

18. Assets = Liabilities + Owner's Equity

19. This is a liability because it refers to revenue that has not yet been earned, but represents products or services that are owed to the customer. As the product or service is delivered over time, it is recognized as revenue on the income statement.

20. A debt (or amount owed) that cannot be recovered. Also called Uncollectible Accounts.

21. Form of pay where an employee is paid, based on a percentage of sales.

22. Paid 12 times per year.

23. The concept of having more than one person required to complete a task. One person may prepare the checks, but that is NOT the person who can sign the checks.

24. Cost - Salvage Value / Useful Life

25. A form used to bring information on a bank statement and a checkbook into agreement.

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