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Glossary of Accaunting

In: Business and Management

Submitted By AirLlanas
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Account -- a record of financial transactions; usually refers to a specific category or type, such as travel expense account or purchase account.
Accountant -- a person who trained to prepare and maintain financial records.
Accounting -- a system for keeping score in business, using dollars.
Accounting period -- the period of time over which profits are calculated. Normal accounting periods are months, quarters, and years (fiscal or calendar).
Accounts payable -- amounts owed by the company for the goods or services it has purchased from outside suppliers.
Accounts receivable -- amounts owed to the company by its customers.
Accrued expenses, accruals -- an expense which has been incurred but not yet paid for. Salaries are a good example. Employees earn or accrue salaries each hour they work. The salaries continue to accrue until payday when the accrued expense of the salaries is eliminated.
Aging -- a process where accounts receivable are sorted out by age (typically current, 30 to 60 days old, 60 to 120 days old, and so on.) Aging permits collection efforts to focus on accounts that are long overdue.
Appreciation -- an increase in value. If a machine cost $1,000 last year and is now worth $1,200, it has appreciated in value by $200. (The opposite of depreciation.)
Assets -- things of value owned by a business. An asset may be a physical property such as a building, or an object such as a stock certificate, or it may be a right, such as the right to use a patented process. Current Assets are those assets that can be expected to turn into cash within a year or less. Current assets include cash, marketable securities, accounts receivable, and inventory. Fixed Assets cannot be quickly turned into cash without interfering with business operations. Fixed assets include land, buildings, machinery, equipment, furniture, and long-term investments. Intangible Assets…...

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