The amount of money a company owes creditors suppliers, etc. The systematic allocation of the discount, premium, or issue costs of a bond to expense over the life of the bond. Consolidated financial statements financial statements of a group in which assets, liabilities. Air conditioning contractors of america association, inc.
Glossary of accounting terms and definitions wealth how. Accounts payable ap accounts payable ap definition. This manual begins by defining the basic terms used in accounting functions. Glossary of notforprofit financial and accounting terms.
A service that oversees, measures, and evaluates financial information for decision making purposes. If you want to start a business, get better at running your business, or get an accounting job, you need to know some essential financial accounting terms and concepts. Mel king institute definitions of accounting terms for. Nov, 2019 there are typically four types of expenses. Nonprofit accounting is a specialized industry and as such uses specific terms that those outside of the nonprofit world may not be familiar with. Youll save yourself a lot of hassle come tax time if youre clued up on the various accounting terms relevant to your business. Accounting terminology guide over 1,000 accounting and.
This glossary lists and explains terms, acronyms, and definitions. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Learn about common it terms, technical jargon and information technology definitions in our comprehensive glossary. Odoos unique value proposition is to be at the same time very easy to use and fully integrated. It terms glossary information technology definitions dataprise. A personal computer with windows as its operating system. Harold averkamp cpa, mba has worked as a university accounting instructor, accountant, and consultant for more than 25 years. The guide is an important resource that will help to create a much greater understanding of. Workspace provides commercial property to let throughout london including offices, studios, light industrial and workshop space. Crm, ecommerce, accounting, inventory, point of sale, project management, etc. This typically includes expenses like salaries, rent and so forth. The total structure of records and procedures which discover, record, classify, and report information on the financial position and operations of a governmental unit or any of its funds, balanced account groups, and organizational components. Statement of change in owners equity financial statement of a business that reports the changes that have occurred in the owners equity. Accounting the systematic recording, reporting, and analysis of financial transactions.
A form of corporation, allowed by the irs for most companies with 35 or fewer shareholders, which enables the company to enjoy the benefits of incorporation but be taxed as if it were a partnership. Financial statements records that outline the financial activities of a business, an individual or any other entity. Glossary for bryn mawr college budget reports financial edge and bionic actual adjusted budget fiscal year restricted fund. If the lifo method is chosen and the cost of goods sold increases, the cost of goods sold shown on the income statement will be increased for the current time period while the value of the inventory on the balance sheet will be represented as a lower number. Lifo stands for last in, first out and is a method of rotating inventory that uses the most recently produced inventory for shipment first. Learn basic accounting terms terminology with free interactive flashcards. The employer becomes contingently obligated on the grant date to issue equity instruments or transfer assets to an employee who renders the requisite service. A record that holds the results of financial transactions.
He is the sole author of all the materials on accountingcoach. Accounts payable sundry creditors short term or current financial obligations that are created through the purchase of merchandise, or obtaining of service. Glossary of utility finance and accounting terms used in our seminars letters in parenthesis, preceding the definition, identify the sources used in compiling the glossary. Nonprofit accounting terminology posted on wednesday, november 04, 2015 share. Discover the meaning of common bookkeeping terms, words and phrases from this quick a z style guide. For a full breakdown of business accounting terminology, see the governments glossary of financial terms. Hyperlinks are commonly found on web pages, word documents and pdf files. Read the following definitions carefully and make sure that you understand exactly what is meant by each of these accounting terms. If you continue browsing the site, you agree to the use of cookies on this website. An electronic version of a written document, in many ways similar to a document written in.
Chartstring what is typically called an account or thought of by most people as an account is called a chartstring in peoplesoft ps. A glossary of terms for community health care and services for older persons. Chapter2 definitions and accounting principles this chapter defines debt concepts relating to the pub lic sector, and discusses core accounting principles in the compilation of public sector debt statistics. Gambia 2004 1accounting principles and definitions. Mel king institute definitions of accounting terms for financial statements for cdcs 1. The world of accounting uses many terms to define different actions, circumstances and classifications for preparing financial statements with the most accurate information possible. National accounting definition and meaning collins english. The systematic organisation and definition of concepts is called terminology management which also includes classification. Oecd glossary of statistical terms european commission.
National accounting definition and meaning collins. The equation that is the basis of the balance sheet. The selection of terms and their definitions in the attached glossary have been carefully discussed and analysed and have benefited from advice and inputs. Jul 01, 2015 accounting terminology basic slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Accounting definition of accounting by the free dictionary.
Accounting activities related to orderly recordkeeping of financial information recording daily transactions preparing financial statements. The following 86 pages are in this category, out of 86 total. Income statement financial statement of a business that reports the revenue, expenses and the net income loss of. Plain language definitions with sample applications. The cash flow on the financial statements is the cash from operating activities. The chronological, daytoday transactions of a business are recorded in sales, cash receipts, and cash payment journals. The wealthhow article below provides a glossary of accounting terms and definitions that are most commonlyused. Employee benefit plan authorized by internal revenue code section 401 k, whereby an employer establishes an account for each participating employee and each participant elects to deposit a portion of his or her salary into the account. Accounting fundamentals for nonaccountants last updated 29 january 2014 page 4 of 110 accounting is the recording of financial data for all receipts, expenditures, assets, liabilities and. Glossary of key terms in evaluation and results based. A general journal is used to enter period end adjusting and closing entries and other special transactions not entered in the other journals. Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these.
Basic accounting terminology 101 accounting terms, principles, and concepts prior to actually beginning work as an accountant, there is generally exposure to accounting terminology and concepts. Accounting terms entering into the accounting field can be a little confusing at first with all of the new terminology to learn. Since the end of 2004 the glossary is also available on the internet in pdf and word that can. Choose from 500 different sets of basic accounting terms terminology flashcards on quizlet. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Accounting period any period of time utilised to measure accounting performance e. Bookkeeping and accountancy deal with maintaining record of all the transactions that a businessindividual makes. Below are some simple accounting basic terms every small business owner should knoweven if you have an accountant that takes care of all that stuff accounting basic definition. The following is a glossary of words and phrases crucial to the accounting profession. The words and phrases included in the tkt glossary are not intended to provide a full or complete list of english language teaching terminology. Dont feel left out in conversations and dont be left behind because you arent sure what someone is talking about.
The systematic allocation of an intangible asset to expense over a certain period of time. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. This list may not reflect recent changes learn more. These costs are not affected by fluctuations in sales, production or the market. Let us walk you through all the basics that you need know. A systematic way of recording and reporting financial transactions for a business or organization. Fixed expenses stay consistent from monthtomonth, yeartoyear.
This accounting terminology checklist outlines the terminology, concepts and conventions that are accepted within the accounting profession. Click one of the letters above to advance the page to terms beginning with that letter. Accounting is the process of documenting the financial transactions of your business in a way that you or other interested parties can analyze and make sound. The following is a list of common nonprofit accounting terminology. The alphabetical layout will help you easily find the word you need. Odoo is a suite of open source business apps that cover all your company needs.
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