Cet article est publié dans : Accounting courses |
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Accounting
- process of tracking and reporting financial information in order to make informed decisions
Accounting Equation
- assets = liabilities + equity
Accounts Payable
- record of money owed to creditors, vendors, etc
Accounts Receivable
- record of money owed to a business, i.e.: sales
Accrual Accounting
- a method in which income is recording when it is earned and expenses are recorded when they are incurred
Asset
- property owned by a business or individual that has a cash value
Balance Sheet
- summary of assets, liabilities, and equity
Bookkeeping
- process of recording financial information
Chart of Accounts
- a numbered listing of accounts within a business
Credit
- an entry with a negative value for assets, and positive value for liabilities and equity.
Debit
- an entry with a positive value for assets, and negative value for liabilities and equity.
Depreciation
- decrease in the value of an asset due to age and use
Double-Entry Bookkeeping
- system of accounting in which every transaction has a positive and negative entry (debits and credits)
Equity
- the money owed to the owners of a company
Financial Statement
- a record containing the balance sheet and the profit/loss statement
Fixed Asset
- long-term tangible property; building, land, computers, etc.
General Ledger
- a summary of all accounts within a business
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 a « ledger »
Ledger
- see « journal »
Liability
- money owed to creditors, vendors, etc
Liquid Asset
- cash or other property that can be easily converted to cash
Loan
- money borrowed from a lender and usually repaid with interest
Note
- a written agreement to repay borrowed money; also used synonymously with « loan »
Payroll
- list of employees and their wages
Profit
- money left over after all expenses have been paid
Profit/Loss Statement
- a record that summarizes the income and expenses of a business
Revenue
- total income before expenses
Single-Entry Bookkeeping
- system of accounting in which transactions are entered into one account
