In accounting this means to delay certain revenues or expenses on the income statement until a later, more appropriate time
Usually a person without a four-year or five-year accounting degree employed to record routine financial transactions for smaller companies
Approximate amounts. Accountants use this for depreciation expense, warranty expense, bad debts expense, monthly accruals for utilities, bonuses, income taxes, etc.
The amount of money taken by a business in a particular period
To include in the cost of an asset.
The result of the sale of an asset for less than its carrying amount
Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in monetary value
A payment. Might be for a significant long term asset, a short term asset (prepaid insurance), a reduction in a liability, or for an immediate expense such as rent.
It is a long-term (or noncurrent) asset categorized as an intangible asset. It arises when a company acquires another entire business, the cost to purchase the business minus the fair market value of the tangible assets, the intangible assets that can be identified, and the liabilities obtained in the purchase.
This is the period of time that it will be economically feasible to use an asset. It is used in computing depreciation on an asset. (two words)
A listing of the accounts available in the accounting system in which to record entries. (three words)
A document that discloses important information on bonds or preferred stock.
To receive money in exchange for a promise to repay the amount to the lender.
The term associated with payroll deductions from an employee's gross wages or gross salary.
A detailed financial plan.
A business that sells goods from inventory. The business could be a retailer, wholesaler, distributor, manufacturer, etc.
A "book" containing accounts. For example, he balance sheet and income statement accounts, the detailed, customer account balances for Accounts Receivable.
A liability account in a bank's general ledger that indicates the amounts owed to bank customers for the balances in the customers' individual checking, savings, and certificate of deposit accounts.
A cost flow assumption where the oldest costs are assumed to flow out first. This means the recent costs remain on hand.
A term used with standard costs to report a difference between actual costs and standard costs.