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accounting_terms
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accounting_terms [2010/10/27 14:51] charlene |
accounting_terms [2013/01/11 18:47] (current) rcunanan fixed no line break after each entry |
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| *[[Accounting - process of identifying, measuring, and reporting financial information of an entity]] | *[[Accounting - process of identifying, measuring, and reporting financial information of an entity]] | ||
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| Accounting Equation - assets = liabilities + equity | Accounting Equation - assets = liabilities + equity | ||
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| Accounts Payable - money owed to creditors, vendors, etc. | Accounts Payable - money owed to creditors, vendors, etc. | ||
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| 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 | ||
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| Balance Sheet - summary of a company's financial status, including assets, liabilities, and equity | Balance Sheet - summary of a company's financial status, including assets, liabilities, and equity | ||
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| Bookkeeping - recording financial information | Bookkeeping - recording financial information | ||
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| 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. | ||
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| Chart of Accounts - a listing of a company's accounts and their corresponding numbers | Chart of Accounts - a listing of a company's accounts and their corresponding numbers | ||
| - | 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. | ||
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| 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. | ||
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| 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 "owner's equity" | Equity - money owed to the owner or owners of a company, also known as "owner's equity" | ||
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| Financial Accounting - accounting focused on reporting an entity's activities to an external party; ie: shareholders | Financial Accounting - accounting focused on reporting an entity's activities to an external party; ie: shareholders | ||
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| Financial Statement - a record containing the balance sheet and the income statement | Financial Statement - a record containing the balance sheet and the income statement | ||
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| Fixed Asset - long-term tangible property; building, land, computers, etc. | Fixed Asset - long-term tangible property; building, land, computers, etc. | ||
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| General Ledger - a record of all financial transactions within an entity | General Ledger - a record of all financial transactions within an entity | ||
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| Income Statement - a summary of income and expenses | Income Statement - a summary of income and expenses | ||
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| 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 | ||
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| Journal - a record where transactions are recorded, also known as an "account" | Journal - a record where transactions are recorded, also known as an "account" | ||
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| Liability - money owed to creditors, vendors, etc | Liability - money owed to creditors, vendors, etc | ||
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| 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 | ||
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| Loan - money borrowed from a lender and usually repaid with interest | Loan - money borrowed from a lender and usually repaid with interest | ||
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| Net Income - money remaining after all expenses and taxes have been paid | Net Income - money remaining after all expenses and taxes have been paid | ||
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| Non-operating Income - income generated from non-recurring transactions; ie: sale of an old building | Non-operating Income - income generated from non-recurring transactions; ie: sale of an old building | ||
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| Note - a written agreement to repay borrowed money; sometimes used in place of "loan" | Note - a written agreement to repay borrowed money; sometimes used in place of "loan" | ||
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| Operating Income - income generated from regular business operations | Operating Income - income generated from regular business operations | ||
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| Payroll - a list of employees and their wages | Payroll - a list of employees and their wages | ||
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| Profit - see "net income" | Profit - see "net income" | ||
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| Profit/Loss Statement - see "income statement" | Profit/Loss Statement - see "income statement" | ||
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| Revenue - total income before expenses. | Revenue - total income before expenses. | ||
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| 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: 2013/01/11 18:47 by rcunanan
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