accounting_terms
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accounting_terms [2010/10/27 14:51 (14 years ago)] – charlene | accounting_terms [2013/01/11 18:47 (11 years ago)] – fixed no line break after each entry rcunanan | ||
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ACCOUNTING TERMINOLOGY | ACCOUNTING TERMINOLOGY | ||
- | [Accounting - process of identifying, | + | *[[Accounting - process of identifying, |
Accounting Equation - assets = liabilities + equity | Accounting Equation - assets = liabilities + equity | ||
+ | |||
Accounts Payable - money owed to creditors, vendors, etc. | Accounts Payable - money owed to creditors, vendors, etc. | ||
+ | |||
Accounts Receivable - money owed to a business, i.e.: credit sales | Accounts Receivable - money owed to a business, i.e.: credit sales | ||
- | Accrual Accounting - a method in which income is recorded when it is earned and expenses are recorded when they are incurred | + | |
+ | Accrual Accounting - a method in which income is recorded when it is earned and expenses are recorded when they are | ||
+ | incurred | ||
Asset - property with a cash value that is owned by a business or individual | Asset - property with a cash value that is owned by a business or individual | ||
+ | |||
Balance Sheet - summary of a company' | Balance Sheet - summary of a company' | ||
+ | |||
Bookkeeping - recording financial information | Bookkeeping - recording financial information | ||
+ | |||
Cash-Basis Accounting - a method in which income and expenses are recorded when they are paid. | Cash-Basis Accounting - a method in which income and expenses are recorded when they are paid. | ||
+ | |||
Chart of Accounts - a listing of a company' | Chart of Accounts - a listing of a company' | ||
- | Cost Accounting - a type of accounting that focuses on recording, defining, and reporting costs associated with specific operating functions | + | |
+ | Cost Accounting - a type of accounting that focuses on recording, defining, and reporting costs associated with | ||
+ | specific operating functions | ||
Credit - an account entry with a negative value for assets, and positive value for liabilities and equity. | Credit - an account entry with a negative value for assets, and positive value for liabilities and equity. | ||
+ | |||
Debit - an account entry with a positive value for assets, and negative value for liabilities and equity. | Debit - an account entry with a positive value for assets, and negative value for liabilities and equity. | ||
+ | |||
Depreciation - recognizing the decrease in the value of an asset due to age and use | Depreciation - recognizing the decrease in the value of an asset due to age and use | ||
- | Double-Entry Bookkeeping - system of accounting in which every transaction has a corresponding positive and negative entry (debits and credits) | + | |
+ | Double-Entry Bookkeeping - system of accounting in which every transaction has a corresponding positive and negative | ||
+ | entry (debits and credits) | ||
Equity - money owed to the owner or owners of a company, also known as " | Equity - money owed to the owner or owners of a company, also known as " | ||
+ | |||
Financial Accounting - accounting focused on reporting an entity' | Financial Accounting - accounting focused on reporting an entity' | ||
+ | |||
Financial Statement - a record containing the balance sheet and the income statement | Financial Statement - a record containing the balance sheet and the income statement | ||
+ | |||
Fixed Asset - long-term tangible property; building, land, computers, etc. | Fixed Asset - long-term tangible property; building, land, computers, etc. | ||
+ | |||
General Ledger - a record of all financial transactions within an entity | General Ledger - a record of all financial transactions within an entity | ||
+ | |||
Income Statement - a summary of income and expenses | Income Statement - a summary of income and expenses | ||
+ | |||
Job Costing - system of tracking costs associated with a job or project (labor, equipment, etc) and comparing with forecasted costs | Job Costing - system of tracking costs associated with a job or project (labor, equipment, etc) and comparing with forecasted costs | ||
+ | |||
Journal - a record where transactions are recorded, also known as an " | Journal - a record where transactions are recorded, also known as an " | ||
+ | |||
Liability - money owed to creditors, vendors, etc | Liability - money owed to creditors, vendors, etc | ||
+ | |||
Liquid Asset - cash or other property that can be easily converted to cash | Liquid Asset - cash or other property that can be easily converted to cash | ||
+ | |||
Loan - money borrowed from a lender and usually repaid with interest | Loan - money borrowed from a lender and usually repaid with interest | ||
+ | |||
Net Income - money remaining after all expenses and taxes have been paid | Net Income - money remaining after all expenses and taxes have been paid | ||
+ | |||
Non-operating Income - income generated from non-recurring transactions; | Non-operating Income - income generated from non-recurring transactions; | ||
+ | |||
Note - a written agreement to repay borrowed money; sometimes used in place of " | Note - a written agreement to repay borrowed money; sometimes used in place of " | ||
+ | |||
Operating Income - income generated from regular business operations | Operating Income - income generated from regular business operations | ||
+ | |||
Payroll - a list of employees and their wages | Payroll - a list of employees and their wages | ||
+ | |||
Profit - see "net income" | Profit - see "net income" | ||
+ | |||
Profit/Loss Statement - see " | Profit/Loss Statement - see " | ||
+ | |||
Revenue - total income before expenses. | Revenue - total income before expenses. | ||
+ | |||
Single-Entry Bookkeeping - system of accounting in which transactions are entered into one account | Single-Entry Bookkeeping - system of accounting in which transactions are entered into one account | ||
accounting_terms.txt · Last modified: 2020/07/07 17:48 (4 years ago) by kevin