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    Accounting Terminology
    Accounting Terminology
    Accounting Terminology
    Ebook51 pages33 minutes

    Accounting Terminology

    By Michael P Griffin

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    About this ebook

    A bank for the “language of money” you need to know. Our author, expert and professor targeted the most important vocabulary for this critical subject in 6 laminated pages covering over 300 terms. Easy to access at a moment’s notice for reviewing core concepts before exams, as a professional resource, or for general knowledge of an area that affects business as well as personal lives every day.

    Suggested uses:
    • Students/Teachers – reference for any business and accounting student
    • Personal – great crib sheet for personal investments, money managing, financial markets and government
    • Professionals – whether an entrepreneur or a CPA, keep a reference to the language of money by your side
    • Businesses – purchase as a give-away that will help you educate your clients, making for more productive discussions and relationships
    LanguageEnglish
    PublisherBarCharts, Inc.
    Release dateMay 1, 2018
    ISBN9781423240532
    Accounting Terminology

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      Book preview

      Accounting Terminology - Michael P Griffin

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      accelerated depreciation: Any depreciation method that results in more depreciation expenses in the first years after purchase than the straight-line method (e.g., doubledeclining balance method, sum-of-the-years’ digits method). In the United States, the two depreciation methods that are currently allowed for tax purposes are both accelerated depreciation methods (i.e., the accelerated cost recovery system [ACRS] and the modified accelerated cost recovery system [MACRS]).

      account: The basic record used in an accounting system to keep track of the balances of assets, liabilities, equities, revenues, and expenses of an organization.

      accounting cycle: The steps of processing transactions, including analyzing transactions, journalizing, posting, preparing trial balances, adjusting, and preparing financial statements.

      accounting equation: The foundation of the accounting system: assets = liabilities + owners’ equity; also called the balance sheet equation.

      accounting period: The period covered by the income statement.

      accounting principles: The basic standards, rules, and guidelines for financial reporting; also the basics that students study in an introduction to accounting course.

      accounting: A system that collects and processes (i.e., analyzes, measures, and records) financial information about an organization and reports that information to decision makers.

      accounts payable: Obligations that arise from the purchase of stock-in-trade items, supplies, or services on an open account.

      accounts receivable: Money owed to the company from customers as a result of credit sales.

      accounts receivable, net: Accounts receivable less the balance in the allowance for doubtful accounts.

      accrual accounting: The basis for recording transactions under generally accepted accounting principles (GAAP). That is, an expense is recorded when incurred, regardless of when the cash payment for the expense is made. Revenues are recorded when a sale is made, not necessarily when cash flows occur.

      accrued expense: An expense that has occurred but the transaction has not been entered into the accounting records.

      EX: An adjusting entry is made to debit the appropriate expense account (e.g., wages expense) and to credit a liability account (e.g., wages payable).

      accrued expenses payable: A liability account that reflects the estimated amount owed for expenses that have occurred but have not yet been paid or recorded.

      EX: Wages payable and taxes payable.

      accrued liabilities: Expenses that increase in value as time goes by.

      EX: Expenses that accrue (or accumulate) on a daily basis, such as wages, interest on note obligations, property taxes, and rent.

      accrued revenue: Revenue that has been earned but not yet recorded.

      accumulated depletion: The amount of depletion that has accumulated since the related natural resource was acquired.

      accumulated depreciation: The amount of depreciation that has accumulated since the associated fixed asset was acquired.

      accumulated other comprehensive income: The corporation’s cumulative income that has not been reported as part of net income on the corporation’s income statement.

      EX: The income or loss involving foreign currency transactions, hedges, pension liabilities, and the unrealized gains and losses

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