Accounting

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account - subdivision of basic accounting system used to record assets, liabilities, equity, sales, or expenses
accountancy - keeping or inspecting of business accounts; work of an accountant
accountant - person trained in accounting methods, general bookkeeping, and tax preparation
accounting - system of recording and summarizing business and financial transactions
accounting clerk - entry-level bookkeeping position in company
accounts payable - amounts owed to creditors
accounts receivable - amounts to be received from customers for credit purchases
accrual - entering in books items of income or expense that have been earned or incurred but not yet received or paid; such an item of income or expense
accrual method - accounting system that matches accruals to period in which they were earned or incurred rather than period in which they were received or paid
adjusted trial balance - statement of debt and credit balances and all transactions on all ledger accounts, used to complete balance sheet at end of fiscal period
adjustment - amount added to or subtracted from account to bring balance up to date
allowance - amount set aside for specific purpose, actual or budgeted
annualize - (vb) project income or expenses for full year based on results for part of year
appreciation - increase in value of asset over time
assessment - determination of income or value of property for purpose of fixing tax
assets - articles or property of value; property, materials, and economic resources owned by business or individual
at risk - (adj) denoting the amount an owner or investor stands to lose should business go bankrupt
audit - examination of business financial accounts
auditor - person trained to examine accounts
balance - amount standing as debit or credit on account
balance sheet - report of total assets, liabilities, and owner’s equity accounts at specific time
bank reconciliation - tracing of all discrepancies until account books match bank statements
bar graph - graph of differences between items at one point in time or the change at different times
basis - cost adjusted by certain expenses, salvage value, and excess depreciation, used in calculating gain or depreciation
beginning inventory - value of merchandise on hand at opening of fiscal period
black - (adj) showing a profit; in the black
bookkeeper - person responsible for keeping financial records
bookkeeping - systematic recording of financial business transactions and records
books - general accounts or records of business transactions
books and records - general accounts, posting of transactions and balances, and substantiating evidence
book value - value of asset at specific point in time, equal to initial cost less accumulated depreciation
bottom line - net profit or loss after expenses, shown at bottom of profit and loss statement
business entity - organization existing independent of its owner’s personal holdings
calendar year - accounting year running from January 1 to December 31
capital account - total amount of investment in business entity by each owner or all owners
capital contribution - investment of capital or value of goods invested in business entity
cash basis method - accounting system in which income and expenses are entered in books only when paid and no accruals are made
cashbook - book in which record of all receipts and disbursements of money are kept
cash disbursements journal - special journal with record of all transactions involving cash payments
certified public accountant - CPA; accountant who has passed state licensing examination
circle graph - graph showing percentages of revenue or expenses in different areas of activity
clerk - bookkeeper or record keeper for business
close an account - reduce account to zero balance when no further transactions are anticipated
close the books - balance out all income and expense accounts at end of period
closing entries - net income or loss transferred to capital account as necessary to close books
compound entry - journal entry having two or more debits and/or two or more credits
comptroller - controller
constructive receipt - condition in which funds not yet collected, such as an uncashed check, are deemed to have been received because they are controlled by recipient
continuous budget - rolling budget
controller - chief accounting officer of business or government, esp. responsible for internal auditing of books; comptroller
cook the books - Slang. manipulate financial records to conceal profits, avoid taxes, or give false impression in audit
cost - amount of money paid for goods or services
cost accounting - system of recording, analyzing, and allocating production and distribution costs for internal use by business; managerial accounting
costing out - Informal. applying cost accounting methods
CPA - certified public accountant
credit - amount of liability, equity, or revenue recorded as entry into account books on right side of T account
current assets - liquid and semiliquid assets, such as cash, accounts receivable, and inventory
current liabilities - business debts coming due for payment within next accounting period
current ratio - relationship between current assets and current liabilities
daybook - chronological record of each day’s transactions
debit - amount of asset or expense recorded as entry into account books on left side of T account
deficit - net loss
disbursement - payment of funds
double-entry accounting - financial recordkeeping in which there must be an equal credit for each debit
draw - withdrawal of capital from unincorporated business entity by owner or partner
ending inventory - value of merchandise on hand at close of fiscal period
entry - recording of single item in account book or ledger
equity - owner’s financial claim to or investment in assets or property of business
expense - cost of goods or services that reduces owner’s equity or profits for accounting period
face value - principal amount of promissory note
factor - entity that buys accounts receivable at discount from firm unable to carry them
financial accounting - system of accounting used for reporting to investors, banks, and taxing authorities
financial statement - report summarizing changes due to transactions during accounting period
fiscal year - annual accounting period for business, either calendar year or sometimes July 1 to June 30 or October 1 to September 30
fixed costs - expenses that are not variable during an accounting period, many of which are paid regularly
general ledger - journal in which all business transactions are recorded and accounts balanced
gross - total revenue before deduction of costs and expenses
gross profit - difference between total sales revenue and cost of merchandise sold before deduction of other expenses
horizontal analysis - comparison of changes in accounting statements from one period to next
income - money received in sales, wages, or profits
independent contractor - one who does work for another without being a regular employee, usu. setting own hours and conditions and hiring own workers
intangible asset - property, such as patent, that represents value but has no physical form
in the black - (adj) operating at a profit; black
in the red - (adj) operating at a loss; red
inventory - value of items of merchandise in stock at given time
invoice - itemized list and billing statement of goods shipped or services rendered
journal - entry book for recording daily transactions and indicating to which accounts they apply
journal entry - orderly, usu. chronological, record of business transactions
journalize - (vb) record transactions as journal entries
ledger - book containing each business account on separate page, to which all journal entries are transferred
liabilities - amounts owed to creditors; accounts payable
limited liability - risk of loss fixed at some maximum amount, such as total investment
liquidation - closing of business by collecting assets and settling debts
liquidity - ease with which assets can be converted to cash
log - (vb) enter transaction in journal or daybook
managerial accounting - cost accounting
multicolumn journal - journal using standard system of keeping books for several accounts
negative amortization - increase of principal of loan by amount by which periodic loan payments fall short of interest due, usu. because of interest rate increase
negative cash flow - excess of expenses over income
net - money free from all charges, costs, and expenses
net income - total revenue less costs and expenses
net loss - amount by which expenses exceed revenue; deficit
net profit - amount by which revenues exceed expenses
net sales - total sales for period less returns, allowances, and discounts
net worth - total assets minus liabilities of individual or business
notes payable - promissory notes on loans issued to creditors
notes receivable - promissory notes received by business from those who owe it money
number-cruncher - Informal. accountant or clerk involved in bookkeeping and computer or statistical operations, but not management or decision making
outstanding account - balance of unpaid debt, amount owing on loan
owner’s equity - owner’s capital account in business
P and L - profit and loss statement showing gross income, expenses, and net profit
payment schedule - agreement between debtor and creditor for repayment of loan in installments over specified time
payroll - list of employees and payments made to each for specific pay period
payroll deduction - amount subtracted from gross earnings before payment of salary
payroll register - form summarizing employee’s earnings for each pay period
pencil footing - Informal. column total written in small penciled figures, to be carried forward
positive cash flow - excess of income over expenses
posting - transference of transactions from journal entry to ledger account
post up - (vb) transfer journal transaction into general ledger
proceeds - amount of cash received from transaction after commissions, costs of sale, and interest deductions
profit - revenue earned less expenses incurred
public accounting - accounting services provided to clients for fee by licensed practitioners
quarterly tax return - regular payment of sales, unemployment, and other business taxes
ratio analysis - numerical comparison of items on financial statement to evaluate their relationships
realize - (vb) convert into money; gain as net result of transaction
reconciling - process of determining and accounting for discrepancies between accounts, balances, or statements
red - (adj) showing a loss; in the red
retained earnings - corporate earnings not paid out as stockholders’ dividends
revenue - money earned from sales of goods, services, or other business transactions
rolling budget - budget prepared month by month instead of annually; continuous budget
ruling - horizontal line beneath column of figures to indicate that entries above line are complete
sales allowance - price reduction on damaged goods
sales return - merchandise returned to vendor for credit or refund
selling expenses - costs incurred in selling or marketing goods
sole proprietorship - noncorporate business with one owner
spreadsheet - worksheet on which financial information is presented in two-dimensional matrix; computer program for maintaining such a record
statement - regular, usu. monthly, record of all transactions, deposits, and balances of account
stockholders’ equity - value of stockholders’ claims to corporate assets
subsidiary ledger - separate ledger containing detailed accounts for each creditor, debtor, customer, or vendor
suspense account - account into which items are temporarily placed until their disposition is determined
T account - account record shaped like a T, used in analyzing transactions, with left side showing debits and right side showing credits
tangible assets - items having material form and intrinsic value
temporary capital accounts - records of contributions, draws, and other changes during fiscal period, to be transferred to permanent capital account at end of period
trial balance - statement of debit and credit balance on all open accounts, used to check their equality and make adjustments in double-entry accounting
uncollectable account - account receivable that cannot be collected and that may be written off as bad debt
valuation - assessment of value
value - worth in financial terms
vertical analysis - restating of dollar amounts on financial statement as percentage of base amount
weighted average cost method - method of calculating inventory by adding purchases to beginning inventory and dividing by total units to obtain average cost per unit
withdrawal - return of cash or other business assets to owner
worth - value of assets and securities
worthless - (adj) lacking all value, bankrupt
write-down - reduction of asset’s value, as with damaged but not worthless inventory
write-off - uncollectable debt; worthless asset
zero base accounting - method in which each item is justified on basis of cost and need