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Accounting Principle
Accounting Terms/Vocabulary
| Term | Definition |
|---|---|
| Accounting Cycle | the series of accounting activities included in recording financial information for a fiscal period. |
| Accounts Payable Ledger | a subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account. |
| Accounts Receivable Ledger | a subsidiary ledger containing only accounts for charge customers. |
| Accumulated depreciation | the total amount of depreciation expense that has been recorded since the purchase of a plan asset. |
| Adjusting entries | journal entries recorded to update general ledger accounts at the end of a fiscal period. |
| Asset | anything of value that is owned. |
| Bank statement | a report of deposits withdrawals, and bank balances sent to a depositor by a bank. |
| Capital | The account used to summarize the owner's equity in a business. |
| Capital Stock | Total shares of ownership in a corporation. |
| Closing Entries | Journal entries used to prepare temporary accounts for a new fiscal period. |
| Code of Conduct | A statement that guides the ethical behavior of a company and its employees. |
| Corporation | An organization with the legal rights of a person and which may be owned by many persons. |
| Credit | An amount recorded on the right side of a T-account. |
| Current Assets | Cash and other assets expected to be exchanged for cash or consumed within a year. |
| Debit | An amount recorded on the left side of a T-account. |
| Dividends | Earnings distributed to stockholders. |
| Entry | Information for each transaction recorded in a journal. |
| Expense | A decrease in owner's equity resulting from the operation of a business. |
| General Journal | A journal with two amount columns in which all kinds of entries can be recorded. |
| General Ledger | A ledger that contains all accounts needed to prepare financial statements. |
| Liability | An amount owed by a business. |
| Long-Term Liabilities | Liabilities owed for more than a year. |
| Owner's Equity | The amount remaining after the value of all liabilities is subtracted from the value of all assets. |
| Revenue | An increase in owner's equity resulting from the operation of a business. |
| Stockholder | An owner of one or more shares of a corporation. |
| T-account | An accounting device used to analyze transactions. |
Created by:
jtennantgoc
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