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TC Study Stack 3

General Vocab

QuestionAnswer
Definition: Accounting process of identifying, measuring, and reporting financial information of an entity
Definition: Accounting Equation assets
Definition: Accounts Payable money owed to creditors, vendors, etc.
Definition: Accounts Receivable money owed to a business, i.e.: credit sales
Definition: Accrual Accounting a method in which income is recorded when it is earned and expenses are recorded when they are incurred
Definition: Asset property with a cash value that is owned by a business or individual
Definition: Balance Sheet summary of a company's financial status, including assets, liabilities, and equity
Definition: Bookkeeping recording financial information
Definition: Cash-Basis Accounting a method in which income and expenses are recorded when they are paid.
Definition: Chart of Accounts a listing of a company's accounts and their corresponding numbers
Definition: Cost Accounting a type of accounting that focuses on recording, defining, and reporting costs associated with specific operating functions
Definition: Credit an account entry with a negative value for assets, and positive value for liabilities and equity.
Definition: Debit an account entry with a positive value for assets, and negative value for liabilities and equity.
Definition: Depreciation recognizing the decrease in the value of an asset due to age and use
Definition: Double-Entry Bookkeeping system of accounting in which every transaction has a corresponding positive and negative entry (debits and credits)
Definition: Equity money owed to the owner or owners of a company, also known as "owner's equity"
Definition: Financial Accounting accounting focused on reporting an entity's activities to an external party; ie: shareholders
Definition: Financial Statement a record containing the balance sheet and the income statement
Definition: Fixed Asset long-term tangible property; building, land, computers, etc.
Definition: General Ledger a record of all financial transactions within an entity
Definition: Income Statement a summary of income and expenses
Definition: Job Costing system of tracking costs associated with a job or project (labor, equipment, etc) and comparing with forecasted costs
Definition: Journal a record where transactions are recorded, also known as an "account"
Definition: Liability money owed to creditors, vendors, etc
Definition: Liquid Asset cash or other property that can be easily converted to cash
Definition: Loan money borrowed from a lender and usually repaid with interest
Definition: Net Income money remaining after all expenses and taxes have been paid
Definition: Non-operating Income income generated from non-recurring transactions; ie: sale of an old building
Definition: Note a written agreement to repay borrowed money; sometimes used in place of "loan"
Definition: Operating Income income generated from regular business operations
Definition: Payroll a list of employees and their wages
Definition: Profit see "net income"
Definition: Profit/Loss Statement see "income statement"
Definition: Revenue total income before expenses.
Definition: Single-Entry Bookkeeping system of accounting in which transactions are entered into one account
Definition: EPA Earnings per Share
Created by: dimbooti