Accounting terms list

accounting terms list

equivalents, and marketable securities. Non-Sufficient Funds (NSF) Check A check drawn against an account in which there is not enough money to honor. Recession Downturn in economic activity, defined by many economists as at least two consecutive quarters of decline in a countrys gross national hotel jobs no experience product. Purchase Order Written authorization to a vendor to deliver specified goods or services at a stipulated price. They are living as husband and wife;. Repairs expenditures made in order to keep property in good condition but that do not appreciably prolong the life or increase the value of the property. Market value (of a share) The price for which a share could be transferred between a willing buyer and a willing seller. Prospective Financial Information (Forecast and Projection) Forecast: Prospective financial statements that present, to the best of the responsible party's knowledge and belief, an entity's expected financial position, results of operations, and changes in financial position. Privilege A right or immunity granted as a peculiar benefit advantage. Uniform Accountancy Act (UAA) The proposal for a new regulatory framework for the public accounting profession which was developed jointly by the american institute OF certified public accountants (aicpa) and the national association of state boards of accountancy (nasba). New York Stock Exchange (nyse) Oldest and largest stock exchange in the United States, located at 11 Wall Street in New York City; also known as the Big Board and The Exchange. Insurance System whereby individuals and companies that are concerned about potential hazards pay premiums to accounting terms list an insurance company, which reimburses them in the event of loss. Earnings Per Share (EPS) Measure of performance calculated by dividing the net earnings of a company by the average number of shares outstanding during a period. Fund Accounting Method of accounting and presentation whereby assets and liabilities are grouped according to the purpose for which they are to be used. Adjusting Journal Entry An accounting entry made into a subsidiary ledger called the General journal to account for a periods changes, omissions or other financial data required to be reported "in the books" but not usually posted to the journals.


Funding Refinancing a debt on or before its maturity; also called refunding and, in certain instances, pre-refunding. Full Disclosure Requirement to accounting terms list disclose all material facts relevant to a transaction. If qualifications are met the taxpayer may receive a deduction for contributions made. For example, when goods are received without payment, an Accounts Payable is recorded. Money Market market for short-term debt instruments. Velocity Rate of spending, or turnover of money- in other words, how many times a dollar is spent in a given period of time. Right to Setoff debtor'S legal right, to discharge all or a portion of the debt owed to another party by applying against the debt an amount that the other party owes to the debtor. Ccount The simplest form of an account, shaped like the letter T, in which increases and decreases in the account can be recorded. Corporate Income Tax The TAX that an incorporated business must pay to the federal government and, often, to state and city governments as well. Accounting Methods, accounting Method - A process used by a business to report income and expenses.
Financial Leverage The ability dock audit checklist template to increase earnings for stockholders by earning more on assets than is paid in interest on debtincurred to finance the assets. Unlike a corporation'S shareholders, the partnership's general partners are liable for the debts of the partnership.
  1. Resident Alien This is an individual that is not a citizen, but who has a residence in the United States. Operating Profit (or Loss) The difference between the revenues of a business and the related costs and expenses, excluding income derived from a sources other than its regular activities and before income deductions.
  2. Accounts - An organization s list of accounts used to record financial. Most small business owners don t have a degree in accounting, making. That s why we ve compiled a list of the 42 most common accounting terms, along.
  3. Replacement cost A measure of current value which estimates the cost of replacing an asset or liability at the date of the balance sheet. Dividends - Profits returned to the shareholders of a corporation. It does not matter if the total 60 day period begins in one tax year and ends in another. Audit Trail - Allow degree in project management in south africa financial transactions to be traced to their source.
  4. Accounting terms list
accounting terms list


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