Fixed Asset - long-term tangible property; building, land, computers, etc.
General Ledger - a record of all financial transactions within an entity
Goodwill – an intangible asset reflecting the value of an entity in excess of its tangible assets
Income Statement - a summary of income and expenses
Inventory – merchandise purchased for resale at a profit
Inventory Valuation – the method to set the book value of unsold inventory: i.e. “LIFO,” last in, first out; “FIFO,” first in, first out; “average,” an average cost over a given period, “last cost,” the cost based on the last purchase; “standard,” a “deemed” amount related to but not tied to a specific purchase, “serialized,” based on a uniquely identifiable serial number or character of each inventory item
Invoice – the original billing from the seller to the buyer, outlining what was purchased and the terms of sale, payment, etc.
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 an "account"
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
Master Account – an account on the general ledger that subtotals the “subsidiary accounts” assigned to it; i.e. Cash might be the master account for a list of depository accounts at banks
Net Income - money remaining after all expenses and taxes have been paid
Non Cash Expense - recognizing the decrease in the value of an asset; i.e. depreciation and amortization
Non-operating Income - income generated from non-recurring transactions; ie: sale of an old building
Note - a written agreement to repay borrowed money; sometimes used in place of "loan"
Operating Income - income generated from regular business operations
Other Income - income generated from other than regular business operations, i.e. interest, rents, etc.
Payroll - a list of employees and their wages
Posting – the process of entering then permanently saving or “archiving” accounting data
Profit - see "net income"
Profit/Loss Statement - see "income statement"
Reconciliation – the process of matching one set of data to another; i.e. the bank statement to the check register, the accounts payable journal to the general ledger, etc.
General Ledger - a record of all financial transactions within an entity
Goodwill – an intangible asset reflecting the value of an entity in excess of its tangible assets
Income Statement - a summary of income and expenses
Inventory – merchandise purchased for resale at a profit
Inventory Valuation – the method to set the book value of unsold inventory: i.e. “LIFO,” last in, first out; “FIFO,” first in, first out; “average,” an average cost over a given period, “last cost,” the cost based on the last purchase; “standard,” a “deemed” amount related to but not tied to a specific purchase, “serialized,” based on a uniquely identifiable serial number or character of each inventory item
Invoice – the original billing from the seller to the buyer, outlining what was purchased and the terms of sale, payment, etc.
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 an "account"
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
Master Account – an account on the general ledger that subtotals the “subsidiary accounts” assigned to it; i.e. Cash might be the master account for a list of depository accounts at banks
Net Income - money remaining after all expenses and taxes have been paid
Non Cash Expense - recognizing the decrease in the value of an asset; i.e. depreciation and amortization
Non-operating Income - income generated from non-recurring transactions; ie: sale of an old building
Note - a written agreement to repay borrowed money; sometimes used in place of "loan"
Operating Income - income generated from regular business operations
Other Income - income generated from other than regular business operations, i.e. interest, rents, etc.
Payroll - a list of employees and their wages
Posting – the process of entering then permanently saving or “archiving” accounting data
Profit - see "net income"
Profit/Loss Statement - see "income statement"
Reconciliation – the process of matching one set of data to another; i.e. the bank statement to the check register, the accounts payable journal to the general ledger, etc.
No comments:
Post a Comment