Accounting Terms
- process of tracking and reporting financial information in order to make informed decisions
- assets = liabilities + equity
- record of money owed to creditors, vendors, etc
- record of money owed to a business, i.e.: sales
- a method in which income is recording when it is earned and expenses are recorded when they are incurred
- property owned by a business or individual that has a cash value
- summary of assets, liabilities, and equity
- process of recording financial information
- a numbered listing of accounts within a business
- an entry with a negative value for assets, and positive value for liabilities and equity.
- an entry with a positive value for assets, and negative value for liabilities and equity.
- decrease in the value of an asset due to age and use
- system of accounting in which every transaction has a positive and negative entry (debits and credits)
- the money owed to the owners of a company
- a record containing the balance sheet and the profit/loss statement
- long-term tangible property; building, land, computers, etc.
- a summary of all accounts within a business
- system of tracking costs associated with a job or project (labor, equipment, etc) and comparing with forecasted costs
- a record where transactions are recorded, also known as a "ledger"
- see "journal"
- money owed to creditors, vendors, etc
- cash or other property that can be easily converted to cash
- money borrowed from a lender and usually repaid with interest
- a written agreement to repay borrowed money; also used synonymously with "loan"
- list of employees and their wages
- money left over after all expenses have been paid
- a record that summarizes the income and expenses of a business
- total income before expenses
- system of accounting in which transactions are entered into one account