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FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING 2803

TermDefinition
Accelerated depreciation method Method that produces larger depreciation charges in the early years of an asset's life and smaller charges in its later years.
Account Record within an accounting system in which increases and decreases are entered and stored in a specific asset, liability, equity, revenue, or expense.
Account balance Difference between total debits and total credits (including the beginning balance) for an account.
Account form balance sheet Balance sheet that lists assets on the left side and liabilities and equity on the right.
Account payable Liability created by buying goods or services on credit; backed by the buyer's general credit standing.
Accounting Information and measurement system that identifies, records, and communicates relevant information about a company's business activities.
Accounting cycle Recurring steps performed each accounting period, starting with analyzing transactions and continuing through the post-closing trial balance (or reversing entries).
Accounting equation Equality involving a company's assets, liabilities, and equity; Assets = Liabilities + Equity; also called balance sheet equation.
Accounting information system People, records, and methods that collect and process data from transactions and events, organize them in useful forms, and communicate results to decision makers.
Accounting period Length of time covered by financial statements; also called reporting period.
Accounts payable ledger Subsidiary ledger listing individual creditor (supplier) accounts.
Accounts receivable Amounts due from customers for credit sales; backed by the customer's general credit standing.
Accounts receivable ledger Subsidiary ledger listing individual customer accounts.
Accounts receivable turnover Measure of both the quality and liquidity of accounts receivable; indicates how often receivables are received and collected during the period; computed by dividing net sales by average accounts receivable.
Accrual basis accounting Accounting system that recognizes revenues when earned and expenses when incurred; the basis for GAAP.
Accrued expenses Costs incurred in a period that are both unpaid and unrecorded; adjusting entries for recording accrued expenses involve increasing expenses and increasing liabilities.
Accrued revenues Revenues earned in a period that are both unrecorded and not yet received in cash (or other assets); adjusting entries for recording accrued revenues involve increasing assets and increasing revenues.
Accumulated depreciation Cumulative sum of all depreciation expense recorded for an asset.
Created by: Cabanillas