Exam (elaborations) Book Keeping

Accounta record of financial transactions that are similar in terms of a given frame of reference such as purpose objective or source. accounting perioda period of time for which financial statements are prepared accounts payableunpaid balances or invoices againt an internal fund which are owed, accounts receivableamounts owed to internal funds account codesAre assigned numbers or codes to the individual accounts so that every transaction is recorded for ease of reference in an organization accounting records accrual basisrecording of revenue and expenditures at the time of revenue us earned or at the time an expenditure results in liability regardless of when the actual cash receipt or disbursement occurs assetssomething of value that is owned by the entity assets, currentcash and other assets readily converted into cash such as accounts receivable inventory and some prepaid expenses Assets fixesland, buildings, machinery, furniture, and other equipment that the school system intends to hold or continue in use over long periods pf time. "fixed" denotes probability or intent to continue use of possession and does not indicate immobility of an asset a source documentdescribes all the basic facts of the transaction such as the amount of the transaction to whom the transaction was made. the purpose of the transaction and the date of transaction. auditan examination of the records and documents by an auditor into he process of securing evidence for one or more of the following purposes. 1. determining the property of completed transaction 2 ascertain whether all transaction have been recorded. 3. determining whether transactions are accurately recorded in the accounts and into the statements withdrawn. balancethe difference between the total debits and the total credits of an account the total of an account containing only debits or only credits. bank depositsthe total amount of money taken in and recorded on receipts for a specified time period and deposited intact with a depository book keeperperson assigned responsibilities for internal and account bookkeeping capital outlayexpenditures for land or existing buildings, improvements or grounds construction buildings additions to buildings remodeling of buildings or equipment. cashcurrently, checks postal and express money orders and bank deposits including certificates of deposit cash basisthe basis of accounting under which revenues are recorded only when actually received and only cash disimburments are recorded as expenditures change fundan amount of money obtained by issuing a check to a designated indivual for purpose of making change for a specific event. no expenditures are to be made from this money checka written order on a bank to pay on demand a specified sum of money on deposit tot he credit of a the maker. it is cancelled when it has been paid by the bank and thus cleared and returned to writer closing the booksthe process of putting the account on the books in order at the end of the month or a fiscal period so that the trail balance and financial reports may be prepared commemorative itempersonalized articles such as a class jewelry announcements caps and gowns yearbooks cards and invitation insignia and school pictures commissionsa share of sale proceeds from any company or individual given the school in return fir the sale rental or promotion of any item with in the school credit entriesgenerally decreases in expense and assets account and increases in liability and revenue accounts debit entriesgenerally increase in expense and assets accounts and decrease in liability and revenue accounts deficitthe excess of the obligations of an account over its resources deposit in transita deposit that has been transmitted to the bank and recorded in the school ledgers but was not reflected on the monthly bank statement because it was not received before the banks preparatory of bank statement. deposit, propertymoney collected from a student and held in a school account for return at a designated time for the purpose of covering loses or damages to a school owned supply and equipment item while being used by a student depositoriesbank or savings and loan institute where schools conduct the business of depositing and withdrawing money, disbursementmoney pai