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TC Study Stack 3
General Vocab
| Question | Answer |
|---|---|
| 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
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