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The following is a glossary of words and phrases crucial to the accounting profession. Accounting - The systematic recording, reporting, and analysis of financial transactions of a business. Accounting allows a company to analyze the financial performance of the business, and look at statistics such as net profit.
Asset - Any item of economic value owned by an individual or corporation, especially that which could be converted to cash. Examples are cash, securities, accounts receivable, inventory, office equipment, real estate, a car, and other property.
On a balance sheet, assets are equal to the sum of liabilities, common stock, preferred stock, and retained earnings.
From an accounting perspective, assets are divided into the following categories: Liability - An obligation that legally binds a company to settle a debt. When one is liable for a debt, they are responsible for paying the debt.
A liability is recorded on the balance sheet and can include accounts payable, taxes, wages, accrued expenses, and deferred revenues. Current liabilities are debts payable within one year, while long-term liabilities are debts payable over a longer period. Income Statement Income Statement - An accounting of sales, expenses, and net profit for a given period.
Revenue - The total amount of money received by the company for goods sold or services provided during a certain time period. Expense - Any cost of doing business resulting from revenue-generating activities. Where it went will go? Accounting Methods Accounting Method - A process used by a business to report income and expenses.
Companies must choose between two methods acceptable to the IRS, cash accounting or accrual accounting. Cash Basis Accounting - An accepted form of accounting that records all revenues and expenditures at the time when payments are actually received or sent.
Under the accrual method, companies do have some discretion as to when income and expenses are recognized, but there are rules governing the recognition.
In addition, companies are required to make prudent estimates against revenues that are recorded but may not be received, called a bad debt expense.
Other Accounting Concepts Accounts Payable - Money which a company owes to vendors for products and services purchased on credit. When accounts payable are paid off, it represents a negative cash flow for the company.
Accounts Receivable - Money which is owed to a company by a customer for products and services provided on credit. This is often treated as a current asset on a balance sheet.Appropriate business name ideas are crucial for the success of small and big enterprises. The name tells customers what a company does and conveys a clear leslutinsduphoenix.com are some tips on how to generate business name ideas for accounting businesses.
If you need some suggestions on this type of tools take a look at our list of accounting software for enterprises. Product name: Category: Smart Score: Price: User Satisf.
User reviews: Horizon ERP. Accounting. FinancesOnline is available for free for all our business professionals interested in an efficient way to find top-notch. The 25 schools on this list are the best options for obtaining an online bachelor's degree in accounting based on alumni salaries and low tuition rates.
Coming up with an accounting team name lets you put on your creative hat and gives you a bit of motivation and good cheer that can help your team reach new levels of awesome. We hope this list makes the process of creating an accounting team name less taxing (if you’ll pardon our pun).
If you have ever made a mistake in your small business financial statements, you know how time consuming and expensive errors in accounting can leslutinsduphoenix.com need to protect your small business books from common accounting . Mar 20, · This page last updated on March 20, Content Manager: [email protected] Technical Issues: E-mail OER Webmaster.