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accounting final
| Term | Definition |
|---|---|
| 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
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