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Ch. 20

Accounting and Financial Reporting

TermDefinition
GAAP Generally accepted accounting principles.
Financial Records Documents that summarize the results of your business operation and provide a picture of its financial position.
Accounting Period Block of time covered by an accounting report.
Calendar Year One year period that begins on January 1 and ends on December 31.
Fiscal Year Choosing the time of starting and ending of year other than the calender year.
Assets Anything of value that the business owns.
Current Assets Cash or other items that can be converted to cash fairly quickly and are used by the business within a year.
Accounts Receivable Amount customers owe to you business.
Fixed Assets Items that will be held for more than one year.
Liabilities Debts of the business.
Accounts Payable Amount a business owes to creditors.
Owner's Equity Total amount of assets minus total liabilities.
Chart of Accounts List of accounts a business uses in its operation.
Debits The left side of an account.
Credits The right side of an account.
Cash Basis Recording your income when it is received and your expenses when they are paid.
Accrual Basis Recording income when it is earned and expenses when they are incurred.
Journal Financial diary of a business.
Journalizing Process of recording business transactions in a journal.
General journal The most common journal , all purpose journal records and business transactions.
Posting Process of transferring amounts from the general journal to accounts in the general ledger.
Income Statement Report of the revenue, expenses, and net income or loss for the accounting period.
Balance Sheet report of the final balances of all asset, liability, and owner's equity accounts at the end of an accounting period.
Cash Flow Amount of cash that is available at any given time.
Statement of Cash Flows Reports how much cash your business took in and where the cash went.
Created by: kdesai303
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