Accounting glossary freeagent get a handle on what your accountant is on about with our easy az of accounting and bookkeeping terms especially for freelancers and small business owners. Workbook the workbook refers to an excel spreadsheet file. Aged debtors report an aged debtors report lists amounts owed to a business by trade debtors and analyses how long the amounts have been due. Accounting systems are designed to show the increases and decreases in each part of the above accounting basic equation in a separate record. Under the purchase method of accounting, one entity is deemed to acquire another and there is a new basis of accounting for the assets and liabilities of the acquired company. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. The place where financial entries of a similar nature are recorded, for example the sales account is where business income goes, the stationery account is where all pens. It stores a business financial data, and is often used to perform business transactions.
The alphabetical layout will help you easily find the word you need. However, it is formally defined by the american accounting association as the classification and recording of monetary transactions, the presentation and interpretati on of the results of those transactions in order to assess performance. Basic accounting concepts n matching n revenues and expenses shown on the income statement must be matched for the period. In class or at a business meeting, you are likely to hear an accounting term that is. Accounting date organisations prepare their annual accounts covering a period of 12 months. Glossary of financial accounting terms the definition of one word or phrase may depend on understanding another word or phrase defined elsewhere in the reference list. Accounting principles board apb the second private sector body delegated the task of setting accounting standards. The workbook houses all of the data that you have entered and allows you to. The price is best thought of in terms of the multiple. Account current a monthly statement from the company reflecting premiums written and commissions deducted by the agency for agency bill policies.
Terms like revenue, expenses, gross profit, depreciation, bad debt, and fixed assets have precise definitions when used in business accounting. Discover the meaning of common bookkeeping terms, words and phrases from this quick a z style guide. These terms are taken from cfis advanced financial modeling course on mergers and acquisitions modeling. Accounting cycle the sequence of steps followed in the accounting process to measure business transactions and transform the measurements into financial statements for a specific period. Though its by no means a definitive list, it covers many of the basics youll need to start or refresh. 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. Forms that can be invoked from a control via a trigger to assist the user in determining what data belongs in the control. Glossary of important business, economic, and financial history terms.
Glossary of forensic accounting terms and explanation of. Freeagents chief accountant emily coltman provides you with an easy az of accounting terms. Accounting glossary of terms account a record of debit and credit entries to cover transactions involving a particular item, client or concern on the general ledger. Cash equivalents shortterm, highly liquid investments that are. Accounting period expenditure and revenue measurement within a predetermined time frame. Disclaimer this information is disseminated under the sponsorship of the u. The nysscpa has prepared a glossary of accounting terms for accountants and. In a pooling of interests, two entities merge through an exchange of common stock and there is no change in the carrying value of the assets or liabilities. Accountingwords investorwords the best investing glossary on the web. Whether you are an analyst, business person or accounting student, audit the records of a corporation, a business manager, or balance your own checkbook, you will find the ventureline accounting dictionary of accounting terms of immeasurable assistance. Microsoft excel definitions for common terms windows central. An improvement in per share metrics posttransaction after issuing additional shares. Accounts payable sundry creditors short term or current financial obligations that are created through the purchase of merchandise, or obtaining of service.
Learn vocabulary, terms, and more with flashcards, games, and other study tools. Oracle sql, and database development in general, contains a lot of terms and acronyms. Corporations currently operate on a fiscal year beginning on july 1st and ending june 30th. Bookkeeping terms and basic accounting definitions. He is the sole author of all the materials on accountingcoach. Glossary of terms credit union notforprofit cooperatives of members with some type of common bond e. The versions list merge preserves any nonxjde and nonzjde version specifications for objects that are valid in the new release, as well as their processing options data. Harold averkamp cpa, mba has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Most modern accounting software is always connected to the internet. In cost accounting, the cost required to obtain one or more units of an item.
General accounting terms and definitions accounting cycle composed of several accounting periods spanning over twelve consecutive months. The definitions in this glossary are developed by the naic research and actuarial department staff based on various insurance references. The wealthhow article below provides a glossary of accounting terms and definitions that are most commonlyused. This dictionary provides a basic vocabulary of terms used in accounting, from personal finance. Accounting is the interpretation and presentation of that data to business owners and investors. In a pooling of interests, two entities merge through an exchange of. Let us walk you through all the basics that you need know. Glossary of selected governmental accounting and financial terminology page 1 a accounting system. Glossary of financial accounting terms pearson education. The glossary also includes extracts from the conceptual framework for.
Understanding the meaning behind basic accounting terms opens the communication between accountants and business. You need to understand exactly what is meant by accounting terms like these. This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Certified tax digest an annual property tax digest certified by the tax receiver or tax commissioner of a county to the department of revenue and approved by the state revenue commissioner. A service that oversees, measures, and evaluates financial information for decision making purposes. The seller needs to be paid fairly for its years of sweat equity, and the buyer needs to make a profit on the deal. Mergers and acquisitions of accounting firms the cpa journal.
Understanding the financial condition of the business and the accounting principles used to determine the financial condition is critical for business owners. A record that holds the results of financial transactions. Proximo terms are terms that specify payment in the month following the shipment, invoice or receipt. This oracle sql glossary contains a massive list of terms and. Glossary of accounting word html accounting glossary. An accounting entry that may either decrease assets or increase liabilities and equity on the companys balance sheet, depending on the transaction. The terms in this glossary have been carefully selected from the myriad of terms one can encounter in the shipping business. California family law code 760 defines community property as except as otherwise provided by statute, all property, real or personal, wherever situated, acquired by a married person during the marriage while domiciled in this state is community property. However, it is purely an accountingnumerical phenomenon, and no value or synergies. Glossary of terms fund accounting because of the legal limitations establishing each fund as a separate accounting entity the attached report does not merge all funds into one report.
Click one of the letters above to advance the page to terms beginning with that letter. An easy az of accounting and bookkeeping terms for small business owners. Glossary of accounting terms and definitions wealth how. This record is called an account for example, since cash appears on the all balance sheets, a separate record is kept of the increases and decreases in cash likewise, a separate record is kept of the increases and decreases for supplies, equipment. Mar 30, 2017 oracle sql, and database development in general, contains a lot of terms and acronyms. Bare trustee a bare trustee holds property on trust for another person until asked to return the property. To do so would present an inaccurate picture of the resource management options available to local districts. Words in bold indicate that such a definition is available. When using the doubleentry accounting method there will be two recorded entries for every transaction. The equation that is the basis of the balance sheet. The terms of a transaction are as important as the price.
It also lists creditors who have been owed money for the longest period. Accounting termsaccounting dictionaryaccounting glossary largest online accounting dictionary over 4,200 accounting terms. It can be hard to understand different articles, books, and even concepts that are explained to you if youre not sure what these terms and acronyms mean. Accounting accounting is a difficult term to define. Merger two organisations agree to work together in a situation where. Accounting terminology guide over 1,000 accounting and. That part of the accounting system which contains the balance sheet and income statement accounts used for recording transactions. Glossary of terms cash basis accounting a basis of accounting in which transactions are recorded when cash is either received or expended. Glossary of management accounting terms the definition of one word or phrase may depend on understanding another word or phrase defined elsewhere in the reference list. 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. It is also an ideal source of reference for anyone seeking a clear guide to the oftenconfusing world of accountancy terms.
To merge temporary files containing a days or weeks worth of information. Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. To successfully manage a companys bookkeeping or accounting, knowledge of terminology is a must. Plain language definitions with sample applications. Accountants use terminology foreign to many outside of this profession. Accounting termsaccounting dictionaryaccounting glossary. Phone 2015680249 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. Glossary of terms this glossary is extracted from the hong kong financial reporting standards hkfrss including hong kong accounting standards hkass issued by the hong kong institute of certified public accountants. Accounting equation the relationship between assets, liabilities and ownership interest.
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