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Accounting

Accounting Vocabulary

TermDefinition
"Assets" The company’s assets were easy to calculate, but it was difficult to quantify the value of the employees’ expertise. Everything a company owns, including cash, accounts receivable (money a company is going to receive), property and goods.
"Liabilities" Liabilities are recorded on the right side of the balance sheet, while assets are listed on the left. Everything that a company owes to others, like loans and mortgages.
"Balance Sheet" The balance sheet is important for potential investors because they can see how the company is doing. A document that records a company’s assets and liabilities at a certain moment in time.
"Debit" She recorded the purchase of the new laptops as a debit entry. An entry that shows what a company spends. They are recorded on the left side of an account.
"Credit" She realized that the total debits didn’t equal the total credits, so she had to check each entry all over again. An entry that shows how much money a company receives. They are recorded on the right side of accounts.
"Net" She couldn’t tell me her net salary because she didn’t know all the taxes she was paying An amount of money that is left after taxes have been paid.
"Gross" Her gross income exceeded his, but they still can’t buy the house they want An amount of money before taxes are deducted
"Profit" The company made very good profit so the owners are very glad The money a business has after deducting all the expenses.
"Cash Flow" The company is thinking of new ways to generate cash flow. Money coming in (inflows) and going out (outflows) of a company.
"Payroll" They have a lot of employees on their payroll, so they employ quite a few payroll accountants to calculate employee earnings. A list of all a company’s employees and their salaries. The word payroll also refers to the total amount of money paid by a company to its employees.
"Overhead" Their overhead expenses are so high that they are making very little profit. All the expenses a company needs to pay for. Example: the costs of advertising, labor, bills and taxes.
"Financial Statements" The accountants were all busy working on the financial statements to show the auditors. Documents that show the financial situation of a company. They include the balance sheet, the income statement and statement of cash flows.
"Bookkeeper" She was training to become an accountant, but in the meantime she had a part-time job as a bookkeeper. A person who records daily transactions, issues invoices and completes payrolls. They are usually supervised by accountants.
"Loss" The business was profitable in the past but now it suffered many losses Opposite of profit. Deprivation.
Created by: Maru Rodriguez