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GAAP "generally accepted accounting principles"
Financial Reports documents that summarize the results of your business operation and provide a picture of its financial position
Accounting period block of time covered by your accounting report
Calendar year one year period that begins January 1 and ends on December 31
Fiscal year year long period around which your financial reports are dictated
Assets anything of value that the business owns
Current assets are cash or other items that can be converted to cash fairly quickly and are used by the business within the year
Accounts receivable the amount customers owe your business
Fixed assets items that will be held for more than one year
Liabilities are the debts of the business
Accounts payable most common account classification; this is the amount of money that your business owes to creditors
Owner's equity the total amount of assets minus total liabilities will give you the worth of your business
Chart of accounts list of accounts a business uses in its operation
Debits left side of the account
Credits the right side of the account
Cash basis recording your income when it is received and your expenses when they are paid
Accrual basis you record income when it is earned and expenses when they are incurred
Journal the financial diary of the business
Journalizing the process of recording business transactions in a journal
General journal most common type of journal that is used to record any business transaction
Posting the process of transferring amounts from the general journal to accounts in the general ledger
Income statement a report of the revenue, expenses, and the net income or loss for the accounting period
Balance sheet a report of the final balances of all asset, liability, and owner's equity accounts and the end of an accounting period
Cash flow is the amount of cash that is available at any given time period
Statement of cash flow reports how much cash your business took in and where the cash went
Created by: fsilve01