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accounting final

TermDefinition
Accrued expenses those expenses incurred in one fiscal period , but not paid until a later period
Accrued revenue those revenues incurred in one fiscal period , but not received until a later period
amortization schedule of all payments on a loan
analyzing discerning the transaction into debts and credits
board of directors these people who are elected by the stockholders to run the corporation
capital stock the total shares of ownership of a corporation
charts of accounts list of all accounts used in the business
check register record of all checks , charges , and deposits
contra account opposite balance of the related controlling account
controlling account any account located in the general ledger
corporation type of business owned by stockholders
credit memo the document granted to a vendor for a discount on the sale
declaring a dividend the act of announcing the payment of a dividend
desperation reduction in the value of an asset due to wear n tear n age
direct write off reducing the amount that the vendor owes you because the vendor did not pay
discount on capital stock an amount less than the par value of stock
dishonored note a note which is not received by your company or one that your company failed to pay
dividends total earnings distributed to the stockholders
earnings per share the amount of net income identified to a single share of stock
employee benefits payments to employees for non-working hours in addition to salary
financial statements any record which shows the financial condition of the business
I=PxRxT basic formula related to calculating interest on notes
interest expense the amount of money one would pay for borrowing
interest income the amount of money one would receive from a promissory note
inventory record any form which records the amount of inventory used, received ,and the balance
net purchases purchases minus purchase returns n allowances n purchase discounts
net sales sales minus sales returns n allowances n sale discount
notes payable any note that you would pay from business funds
notes receivable any note you will receive
periodic inventory counting the actual items in inventory
perpetual inventory determining the amount of inventory by the use of records
plant asset assets used for more than one year
posting transferring the entries from a journal to a ledger
promissory note any note that would be due on a future date
real property any property that includes land and anything built on the land or under the land
reopen an account the transaction which must be recorded when you receive money from an account which was previously written off
reversing entry this entry is required when you have an adjusting entry for accruals
sales discount the discount granted to a vendor
scrap value the salvage value or the value after all deprecation is deducted
uncollectable account any ar account which will not be collected
Created by: jess-2020