Century 21 Accounting, 9e, Chapters 11-14

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Here are links to our lists for the textbook: Chapters 1-3, Chapters 4-7, Chapters 8-10, Chapters 11-14, Chapters 15-20, Chapters 21-24
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Full list of words from this list:

words only definitions & notes
  1. accounts payable
    a debtor's accounts of money he owes
    The worst case is a company that runs out of money and is unable to make payroll, accounts payable and loan payments. Forbes (Aug 5, 2012)
  2. accounts receivable
    a creditor's accounts of money owed to him
    Understanding the relationship between Accounts Receivable Days and Accounts Payable Days is an “a-ha” moment for every business owner. Forbes (Jul 18, 2014)
  3. control account
    an account that shows totals of amounts entered in a subsidiary ledger
    Control Account: A basic account for those on low incomes, or who are new to banking. BBC (May 13, 2013)
  4. schedule
    a list of times at which things are planned to occur
    First comes ballooning costs and schedule slippage, and then, like clockwork, the United States begins to have difficulty coming up with the money it promised. Slate (Oct 16, 2014)
  5. subsidiary
    functioning in a supporting capacity
    Events will force your employment, first in a subsidiary role, and then as the Queen’s First Minister. Newsweek
  6. employee
    a worker who is hired to perform a job
    What does having this job mean to your employees, and would they go elsewhere if they had the chance? Forbes (Oct 24, 2014)
  7. earnings
    something that remunerates
    With a Roth, workers pay taxes on earnings before they put their cash into the account. Forbes (Oct 24, 2014)
  8. Medicare
    federally administered health care for older individuals
    Employees and employers also pay 1.45% each in Medicare taxes on all wages, with no cap. Forbes (Oct 22, 2014)
  9. net
    remaining after all deductions or expenses
    In fact, the bottom 90 percent have actually kept losing net worth the past few years, in large part, due to rising student loan debt. Washington Post
  10. payroll
    the total amount of money paid in wages
    Restaurant balance sheets are tight, with payroll gobbling up roughly a third of sales on average. Los Angeles Times (Oct 24, 2014)
  11. register
    an official written record of names or events
    The payment was not declared on his register of personal interests. BBC (Oct 8, 2014)
  12. salary
    fixed payment for services
    The people who work at these nonprofits don’t earn big salaries. Washington Post
  13. Social Security
    social welfare program in the U.S.
    The relative popularity of the Social Security tax probably derives from the popularity of Social Security benefits. Forbes (Oct 24, 2014)
  14. tax base
    collective value of taxable assets
    “If you want to keep tax rates low, you’ve got to keep taxes coming in. Put simply: no tax base, no low tax case.” Seattle Times (Aug 23, 2014)
  15. withholding
    income tax withheld from employees' wages and paid directly to the government by the employer
    Withholding makes taxpaying a lot less painful – as anyone who makes estimated tax payments can readily attest. Forbes (Oct 24, 2014)
  16. federal
    of a government with central and regional authorities
    Gifts are subject to federal gift tax if they exceed the annual exclusion. Forbes (Oct 24, 2014)
  17. state
    a politically organized body under a single government
    Parnell says he does not support Medicaid expansion in its present form, saying it would place too much financial burden on states. Washington Times (Oct 24, 2014)
  18. unemployment
    the state of not having a job
    Yet if businesses buy less labor when it is taxed more, unemployment would surely rise. Forbes (Oct 23, 2014)
  19. accumulate
    collect or gather
    Millennials make up a big portion of this new breed, and their influence will only grow as they age and accumulate wealth. Time (Oct 1, 2014)
  20. depreciation
    decrease in value of an asset due to obsolescence or use
    Cash in on that massive depreciation by buying a used model. US News (Jul 25, 2014)
  21. uncollectible
    not capable of being collected
    After writing off record levels of uncollectible debt in recent years, most banks won’t issue cards to applicants with low credit scores. Washington Post (Aug 15, 2011)
  22. board of directors
    a group of persons chosen to govern the affairs of a corporation or other large institution
    The ‘best of the best’ rise beyond to become CEOs and COOs, or nab a seat on the board of directors. Forbes (Oct 15, 2014)
  23. book value
    the value at which an asset is carried on a balance sheet
    Marked differences between the price of a company’s shares compared to its book value are often a sign of under- or over-valuation. Forbes (Aug 25, 2014)
  24. plant
    a building for carrying on industrial labor
    It also is building five plants in Asia and launching the luxury Lincoln brand in China. Washington Post
  25. current
    occurring in or belonging to the present time
    The Post obtained a copy of the report, which was based on interviews with past and current employees. Washington Post
  26. declare
    authorize payments of
    The firm declared a dividend of 45 cents a share. New York Times (Oct 23, 2014)
  27. dividend
    earnings of a corporation distributed to its shareholders
    She’s also been sending shareholders thank-you presents in the form of large dividends. New York Times (Oct 20, 2014)
  28. estimate
    an approximate calculation of quantity or degree or worth
    Moreover, all of these estimates assume cost-effective climate policies, whereas in real life they have often become many times more expensive. Forbes (Oct 24, 2014)
  29. salvage
    property or goods saved from damage or destruction
    Pollution cleanup and salvage contractors have been called to the scene and the cause of the sinking was under investigation, it said. Reuters (Sep 18, 2014)
  30. value
    the amount considered to be equivalent for something else
    It’s funny that what I feel is junk or of little value to me is worth much to someone else. Washington Post
  31. inventory
    the merchandise that a shop has on hand
    Two doors down at Hardin's Grocery, the inventory has evaporated to a puddle of chips, drinks, tobacco and pregnancy tests near the cash register. Los Angeles Times (Oct 24, 2014)
  32. retain
    secure and keep for possible future use or application
    Before the 1980s, by contrast, U.S. corporations retained more than half their net earnings for such things as new investments. Washington Post
  33. straight-line method
    (accounting) a method of calculating depreciation by taking an equal amount of the asset's cost as an expense for each year of the asset's useful life
    The straight-line method of calculating depreciation would be to divide the initial cost by the asset's useful life. Inc (Oct 24, 2011)
Created on Fri Oct 24 12:42:55 EDT 2014 (updated Mon Oct 27 07:00:52 EDT 2014)

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