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Corporate Accounting Flashcards

Corporate Accounting Flashcards
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Dividends
These payments are made to stockholders after they invest in a business.
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Production Budget
You can create this kind of budget to record a forecast for unit sales. It also contains information about inventory of completed products.
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Administrative Budget
A type of budget that deals with costs not related to production, such as rent, utilities, salaries and taxes.
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Sales Budget
A specific kind of budget that details how many products a company thinks it will sell, how much each product will cost and an anticipated total income created after considering discounts.
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Budget
This refers to monies reserved to purchase products to sell as well as the money required to actually sell the products.
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End-of-Period Worksheet
Accountants use this worksheet to assess real and planned expenses. This allows them to make financial statements easily.
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Cash Receipts Journal
A journal that tracks sales and includes information about department, date and any discounts applied to the sale. It may note a customer's account or include a section for accounts receivable.
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Sales Journal
Businesses use this journal to track sales when a customer will pay in the future. They record the time of the sale, the customer's name, how much is owed and the department that made the sale.
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Net Pay
This reflects the amount an employee is paid after taxes and other deductions are taken out.
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Gross Pay
The amount of pay an employee receives before taxes.
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Corporate Accountant
A kind of accountant who works for just one firm and generally becomes specialized in a specific area of accounting.
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Taxes and long-term capital gains
These gains are taxed at a lower rate than short-term capital gains in order to encourage investing. It allows investors to grow their money, though taxes must be paid on the growth.
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Long-Term Capital Gains
These are the profits from securities or stocks that you own for at least a year before selling them.
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27 cards in set

Flashcard Content Overview

These flashcards were set up to help you go over the purposes of budgets, including sales, production and administrative budgets. Property, scrip, liquidating and stock dividends will also be covered by these cards along with important dates related to dividend distribution. You can also review payroll taxes and taxes on capital gains. Additionally, these cards focus on important accounting journals, such as the cash receipts journal and the sales journal.

Front
Back
Long-Term Capital Gains
These are the profits from securities or stocks that you own for at least a year before selling them.
Taxes and long-term capital gains
These gains are taxed at a lower rate than short-term capital gains in order to encourage investing. It allows investors to grow their money, though taxes must be paid on the growth.
Corporate Accountant
A kind of accountant who works for just one firm and generally becomes specialized in a specific area of accounting.
Gross Pay
The amount of pay an employee receives before taxes.
Net Pay
This reflects the amount an employee is paid after taxes and other deductions are taken out.
Sales Journal
Businesses use this journal to track sales when a customer will pay in the future. They record the time of the sale, the customer's name, how much is owed and the department that made the sale.
Cash Receipts Journal
A journal that tracks sales and includes information about department, date and any discounts applied to the sale. It may note a customer's account or include a section for accounts receivable.
End-of-Period Worksheet
Accountants use this worksheet to assess real and planned expenses. This allows them to make financial statements easily.
Budget
This refers to monies reserved to purchase products to sell as well as the money required to actually sell the products.
Sales Budget
A specific kind of budget that details how many products a company thinks it will sell, how much each product will cost and an anticipated total income created after considering discounts.
Administrative Budget
A type of budget that deals with costs not related to production, such as rent, utilities, salaries and taxes.
Production Budget
You can create this kind of budget to record a forecast for unit sales. It also contains information about inventory of completed products.
Dividends
These payments are made to stockholders after they invest in a business.
Dividend Date of Declaration
This is the date when a company's Board of Directors approves a dividend and acknowledges its duty to provide payment to its shareholders.
Dividend Date of Record
Individuals must be shareholders by this date in order to receive any portion of a dividend payout.
Dividend Date of Payment
This is the date when a company actually sends out dividend checks to shareholders.
Property Dividend
A kind of non-cash dividend payment that usually makes use of investment securities, with fair market value determining the value of the transaction.
Example of a property dividend
Scrip Dividend
Businesses can use this kind of divided to offer shareholders a promise that they'll be paid in the future. This promise is made in the form of a promissory note.
Liquidating Dividend
A dividend companies have to pay if they owe more in dividends than they have in their retained earnings account. It involves paying shareholders back some of their initial investments.
Examples of a liquidating dividend
Stock Dividend
You can use this kind of dividend to pay shareholders in your company's shares if you lack the funds to pay them in cash.
Departmental Statement of Gross Profit
Accountants working for departmentalized businesses can prepare this statement to compare how much individual departments made in relation to how much was spent.
Debit Memorandum
A form used by a company's accounting department when they receive goods that are damaged and then return them.
Contra-Account
These accounts are created to balance an opposite account in order to reduce the other account's overall balance.
Formula for finding gross profit %
(Gross Profit (in dollars) / Sales Revenue) x 100%
Payroll Taxes
This represents a group of taxes lumped together that employers pay or that get withheld from the paycheck of the employee.

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