Preview

Accounting Terminology Guide

Powerful Essays
Open Document
Open Document
17218 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Accounting Terminology Guide
Accounting Terminology Guide
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | Y | Z The New York State Society of CPAs (NYSSCPA) General Committee on Public Relations has prepared this glossary as an educational tool for journalists who report on and interpret financial information. How to Use this Guide To jump to a letter in the alphabet, click the letter at the top. When you see “Top of Page”, click the link and it will bring you here. Capitalized terms that appear within definitions of other terms are also defined in this guide. Related terms are cross­referenced to provide a clearer understanding of their interdependent relationships. Commonly used acronyms (e.g., IRS) are listed in their abbreviated forms and defined as the complete term (e.g., Internal Revenue Service). A A Misstatement is Inconsequential ­ If a reasonable person would conclude after considering the possibility of further undetected misstatements that the misstatement either individually or when aggregated with other misstatements would clearly be immaterial to the financial statements. If a reasonable person could not reach such a conclusion regarding a particular misstatement, that misstatement is more than inconsequential. Abatement ­ complete removal of an amount due, (usually referring to a tax abatement a penalty abatement or an interest abatement within a governing agency.) Accelerated Depreciation ­ Method that records greater DEPRECIATION than STRAIGHT­LINE DEPRECIATION in the early years and less depreciation than straight­line in the later years of an ASSET 'S holding period. (See STRAIGHT­LINE DEPRECIATION.) Account ­ Formal record that represents, in words, money or other unit of measurement, certain resources, claims to such resources, transactions or other events that result in changes to those resources and claims. Account Payable ­ Amount owed to a CREDITOR for delivered goods or completed services.

You May Also Find These Documents Helpful

  • Better Essays

    Cash flow is one of the most important aspects of running any business whether large or small. It is one of the single most important reasons why many businesses fail, this does not matter whether how good a business is. Managing a cash flow therefore is vitally important in the smooth running survival and success of a business.…

    • 1157 Words
    • 5 Pages
    Better Essays
  • Satisfactory Essays

    Accounting Chapter 1

    • 521 Words
    • 3 Pages

    An association of two or more persons to carry on as co-owners of a business for profit.…

    • 521 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    ChaNoel A. Torres Acevedo Intermediate Accounting I Homework: Exercise 3-1: Apr. | 2 | Cash | 30,000 | | | | Equipment | 14,000 | | | | Christine Ewing, Capital | | 44,000 | | | | | | | 2 | No entry—not a transaction. | | | | | | | | | 3 | Supplies | 700 | | | | Accounts Payable | | 700 | | | | | | | 7 | Rent Expense | 600 | | | | Cash | | 600 | | | | | | | 11 | Accounts Receivable | 1,100 | | | | Service Revenue | | 1,100 | | | | | | | 12 | Cash | 3,200 | | | | Unearned Service Revenue | | 3,200 | | | | | | | 17 | Cash | 2,300 | | | | Service Revenue | | 2,300 | | | | | | | 21 | Insurance Expense | 110 | | | | Cash | | 110 | | | | | | | 30 | Salaries Expense | 1,160 | | | | Cash | | 1,160 | | | 30 | Supplies Expense | 120 | | | | Supplies | | 120 | | | | | | | 30 | Equipment | 5,100 | | | | Christine Ewing, Capital | | 5,100 | Problem 3-1: Journal Entries…

    • 976 Words
    • 4 Pages
    Powerful Essays
  • Powerful Essays

    Section 351 Tax Essay

    • 1573 Words
    • 7 Pages

    In the United States today there are millions of corporations in many different industries. All of them must abide by the current taxation rules and regulations that have been set by IRS and congress. The Internal Revenue Code, which was originally founded in 1939, set the foundation for the codification that we have in place today. The code arranged all Federal Tax provisions in a logical order and placed them in a separate part of the federal status. Over the years, congress has updated and amended the tax code in 1954, in 1986 Tax Reform Act, and is constantly updating the code due to its importance in assessing judicial and administrative decisions. The arrangement of the code is broken down starting with a Subtitle, broken down into chapter, subchapter, part, and then section (2).…

    • 1573 Words
    • 7 Pages
    Powerful Essays
  • Satisfactory Essays

    Basics of Accounting

    • 655 Words
    • 2 Pages

    To what extent do you think that the strength of Invicta plcs balance sheets in 2010 and 2011 outweigh their weaknesses?…

    • 655 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    accounting stystem

    • 1709 Words
    • 7 Pages

    1.The site you go to in order to form a business in Maryland is www.dat.state.md.us.…

    • 1709 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    David Jones Annual Report 2010

    • 27316 Words
    • 110 Pages

    GLOSSARY OF TERMS USED IN THE ANNUAL REPORT AASB Australian Accounting Standards Board American Express American Express Australia Limited ASX Australian Securities Exchange Board The Board of Directors of David Jones Limited CAGR Compound Annual Growth Rate CEO Chief Executive Officer CODB Cost of Doing Business Company David Jones Limited Corporations Act The Corporations Act 2001 (Cth) Consolidated Entity David Jones Limited and its controlled entities, as listed in note 29 to the financial statements David Jones David Jones Limited DESP Deferred Employee Share Plan, as described in section 4 of the Remuneration Report DRP Dividend Reinvestment Plan EBIT Earnings Before Interest and Tax EC Employment Cost, as described in section 4 of the Remuneration Report EPS Earnings Per Share FY Financial Year IFRS International Financial Reporting Standards KMP Key Management Personnel, as described in section 2 of the Remuneration Report LTIFR Lost Time Injury Frequency Rate LTI Plan Long Term Incentive Plan, as described in section 4 of the Remuneration Report NPAT Net Profit After Tax OH&S Occupational Health and Safety STI Scheme Short Term Incentive Scheme, as described in section 4 of the Remuneration Report Trust David Jones Incentive Plan Trust TSR Total Shareholder Return, as described in section 4 of the Remuneration Report…

    • 27316 Words
    • 110 Pages
    Powerful Essays
  • Good Essays

    Accounting Study Guide

    • 1698 Words
    • 14 Pages

    1. The reason economists and accountants have problems using cost analysis in the real world is that…

    • 1698 Words
    • 14 Pages
    Good Essays
  • Powerful Essays

    Final Exam Study Guide

    • 5809 Words
    • 24 Pages

    Accounting 211 Study Guide for Final Exam Chapters 7 – 12 Chapter 7: 1. Terminology Accounting information system People, records, and methods that collect and process data from transactions and events, organize them in useful forms, and communicate results to decision makers Accounts payable ledger Subsidiary ledger listing individual creditor (supplier) accounts Accounts receivable ledger Subsidiary ledger listing individual customer accounts. Batch processing Accumulating source documents for a period of time and then processing them all at once such as once a day, week, or month. Cash disbursements journal Special journal normally used to record all payments of cash; also called cash payments journal Cash receipts journal Special journal normally used to record all receipts of cash.…

    • 5809 Words
    • 24 Pages
    Powerful Essays
  • Good Essays

    Question 1: 1. B 2. B 3. D 4. B 5.…

    • 1326 Words
    • 6 Pages
    Good Essays
  • Good Essays

    andrew jackson: tyrant

    • 424 Words
    • 2 Pages

    “When the 1828 election rolled around, a lot of people were terrified when they heard Andrew "Old Hickory" Jackson was running. If you're wondering how a guy we're calling a bad ass got such a lame nickname, it's because he used to carry a hickory cane around and beat people senseless with it, and if you're wondering why he did that, it's because he was a f#$%*in g lunatic.” (Daniel O’Brien February 15, 2008) This quote from cracked.com illustrates the depth of the ruthlessness within Andrew Jackson, and it is this callousness that made him a tyrant of a President. His decisions were calculated.…

    • 424 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Accounting Primer

    • 2163 Words
    • 9 Pages

    The University Tools Primer is designed to familiarize you with the myriad of tools provided by the University of Phoenix to assist in your success. For example, did you know that the University of Phoenix Library contains thousands of up-to-date journals, newspapers, industry reports, and research databases? This University Tools Primer sends you on a search to answer 14 questions similar to the following question:…

    • 2163 Words
    • 9 Pages
    Powerful Essays
  • Powerful Essays

    Topics 1. 2. 3. 4. 5. 6. Conceptual framework– general. Objectives of financial reporting. Qualitative characteristics of accounting. Elements of financial statements. Basic assumptions. Basic principles: a. Measurement. b. Revenue recognition. c. Expense recognition. d. Full disclosure. Accounting principles– comprehensive. Constraints. Assumptions, principles, and constraints. 28, 29, 30 10 11 Questions 1, 7 2 3, 4, 5, 6, 8 9, 10, 11 12, 13, 14 15, 16, 17, 18 19, 20, 21, 22, 23 24 25, 26, 27 1, 2, 3, 4 6, 11, 13 5, 7 8, 9, 12 8 8, 12, 8, 12 1, 2 2, 3, 4 5 6, 7 6, 7 7 6, 7 6, 7, 8 9, 10 3, 6, 7 6, 7 12 5, 6 5, 6 5, 6, 7, 8, 9, 11 11 Brief Exercises Exercises Concepts for Analysis 1, 2 3 4, 10…

    • 18492 Words
    • 74 Pages
    Powerful Essays
  • Satisfactory Essays

    Accounting Words

    • 288 Words
    • 2 Pages

    Limited Liability: Feature that enables a corporation to raise more money than proprietorships and partnerships.…

    • 288 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Accounting - Chapter 1

    • 1205 Words
    • 5 Pages

    Accounting is a system for gathering data about an entity’s economic activity, processing and organizing the data and in turn, communicating that information to people who want to use it to make decisions.…

    • 1205 Words
    • 5 Pages
    Good Essays

Related Topics