CLICK 
FORMS 
A
ACCOUNTANT: a professional tha tkeeps business records or
accounts
ACCOUNTING METHODS: a set of rules used to determine when and how income
and expenses are reported
ACCRUAL METHOD: to report income and deduct expenses in the year they
were incurred
ADJUSTMENT: a change
ANNUAL: recurring the same time each year
AUTHORIZED FINANCIAL INSTITUTION: a bank authorized by the government as
a institution that will except withholdings and distribute them
properly
B
BAD DEBTS: someone owes you money that you cannot collect
BALANCE: a scale for weighing of something
BOOKKEEPING: recording transactions of a business
BUSINESS EXPENSE: current operating costs of running your business, costs
not included in cost of goods sold
C
CAR AND TRUCK EXPENSES: include operating and maintaining your vehicle
if used for your business
CONSULT: seek advice or information from, to compare views
D
DEPRECIATION: loss in value from usage
E
EIN: Employer Identification Number (application form)
EMPLOYEE: person who works for another in return for pay
EMPLOYEE PAY: includes salaries, wages, and fringe benefits paid to
employee(s) by and an employer
EMPLOYER: one who employs another
ENTERTAINMENT: any activity considered to provide entertainment,
amusement, or recreation, including meals provided to a customer or
client
EXCISE TAXES: taxes owed to the government on the sale of a
commodity
EXEMPT: free or excused from an obligation or duty
F
FEDERAL RESERVE BANK: the bank of the government
FMS: Financial Management Service of the U.S. Dept. of Treasury
G
H
I
INCOME: money or its equivalent received in return for work or as a
profit from investments
INSURANCE: protection against risk, loss, or ruin
INTEREST: amount of money you pay to use borrowed money
INVENTORY: a list of items with descriptions, and quantities
INVOICE: an itemized list of merchandise shipped, or services rendered
including prices, shipping instructions, and other costs
IRS: Internal Revenue Service
J
K
L
LEGAL/PROFESSIONAL FEES: money paid to a proffessional regarding your
business ex: accountant, lawyer
M
MEDICARE: provides medical insurance to those that qualify
N
NECESSARY EXPENSE: an expense that is appropriate and helpful for your
business
O
OFFICE OF THE STATE TAX COMMISSIONER:
ORDINRY EXPENSE: an expense that is common and accepted in your field of
business
P
PAYROLL: the amount of money to be paid to a list of employee(s)
PC: personal computer
PENALTY: legal punishment for an offense or crime
PENSION PLANS: retirement plans are savings plans that offer tax
advantages to the employer
POLICY: any plan or principal which guides decision making
PUNCH CARDS: paper used to record ex: clock-in/clock-out times
Q
QUARTERLY: one of four equal parts
R
RECEIPTS: the written acknowledgment of something received
RECIPROCITY: to give and return mutually
RENT: amount you pay for the use of property you do not own
REQUIREMENT: to demand or insist upon
RULES: authoritative direction or statement which regulates the method of
doing something, a standard procedure
S
SALES TAX: applies to sales of tangible personal property, and certain
services to a final user, and consumer
SE-TAX: Social Security and Medicare Tax that you pay to the government
for contribution to those benefits
SOCIAL SECURITY: money coverage that provides you with retirement and
disability benefits
SOFTWARE: in computer science data, as routines, programs and languages
which is essential, to the operation of computers
STANDARD MILLEAGE RATE: multiply business miles by 31 cents
T
TAX SERVICE: An organization/business that provides information on taxes,
and performs the task of filing taxes
TAX PROFESSIONAL: a person that is knowledgeable in the tax field
TIMESHEETS: paper used to records times
U
UNEMPLOYMENT: without a job, without work
USE TAX: compliments a sales tax, it's imposed on the use, storage, or
consumption of tangible personal property
V
W
WAGES: payment of money for labor or services
WORKERS COMPENSATION: no-fault insurane plan designed to compensate for
job-related injury, disease or death, also, protection to the employer
from legal action
X
Y
Z