accrual acct2
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| financial accounting | show 🗑
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| accounting methods | show 🗑
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| accrual accounting method | show 🗑
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| cash accounting method | show 🗑
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| show | amount of inflows from the sale of goods or renderings of services during an accounting period
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| show | amount of outflows of resources of a firm as a consequence of the efforts made by the firm to earn revenues
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| show | formally reports all the revenues and expenses of a firm for a stated period of time. The result shows the net income(or loss) for the firm during the period; also called a profit and loss statement
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| show | income statement
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| "Pass through" | show 🗑
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| Net income or profit | show 🗑
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| gross revenue | show 🗑
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| show | refers to the costs paid in the direct generation of revenues. Called cost of goods sold in retail sales business; in this case, it refers to changes in inventory
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| gross margin | show 🗑
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| direct labor | show 🗑
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| direct expenses | show 🗑
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| show | expenses that are incurred whether the firm produces any revenues or not; also called selling and administrative expenses
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| show | an accounting form that shows the financial position of a firm at a particular moment in time, including a statement of its assets and liabilities
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| show | any kind of resource -tangible or intangible- that a firm owns or controls and that can be measured in monetary terms
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| show | resources that the firm would normally convert to cash in less than one year
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| fixed assets | show 🗑
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| show | cash on hand in the firm's bank accounts, checking accounts, cash register, or petty cash boxes; considered a current asset
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| petty cash | show 🗑
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| accounts receivable | show 🗑
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| show | early payment of expenses in a period prior to their being required. The prepaid expense is an asset, since the value of the prepaid expense, not yet due, still as value to the owners
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| show | results from the concept that capital equipment has a limited useful life. It is intended to express the usage of a fixed asset in the firm's pursuit of revenue.
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| show | result from the concept that the value of intangible assets, such as copyright, patent, and trademarks are reduced; similar to depreciation
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| liabilities | show 🗑
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| show | are obligations that are due within one year or less.
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| show | claims from suppliers for goods or services ordered but not yet paid for
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| accrued expenses | show 🗑
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| show | revenue received for services that have not yet been rendered or the sale of goods that have not yet been delivered
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| show | section on the balance sheet showing the amount the owners have invested in the firm
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| show | in accounting, the withdrawals form the profits of a business by owners in proprietorships and partners
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| retained earnings | show 🗑
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| show | accounting statements reporting, for a specific period, the changes in cash flows from operating, investing, and financing activities
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| transactions | show 🗑
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| single-entry systems | show 🗑
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| double-entry systems | show 🗑
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| chart of accounts | show 🗑
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| show | financial entries with different names for clarification to show additions and subtractions to the account
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| T-accounts | show 🗑
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| debit | show 🗑
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| show | in accounting, the right-hand side of account
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| journal | show 🗑
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| show | transferring of a journal entry to the correct ledger account
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| show | is a group of accounts; often called a general ledger
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| show | a test to see if accounts are balanced and if all the account balances with the debit and credit side are totaled separately
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| show | cash forecasting- estimates how much revenue will be realized each month and how much expenses will be for that same time period
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| show | work under way for a client that has not yet been billed
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Created by:
soberbeck
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