a mechanism that procedures the business's tasks in gaue won terms, provides written reports and financial statements around those activities, and communicates these reports to decision makers and others.

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AssetsProperties (resources) of value owned by a service (cash, supplies, equipment, land)
BookkeepingThe recording duty of the accountancy process.
CorporationA form of organization organization the is owned by stockholders. Shareholder usually are not personally liable for the corporation's debts.
CreditorSomeone who has a insurance claim to assets
EquitiesThe rights or financial insurance claim of creditor (liabilities) and owners (owner's equity) that supply the assets come a firm.
service companyA company that provides a service.
LiabilitiesObligations that come early in the future.
ManufacturerBusiness that provides a product and sells it to its customers
Merchandise companyBusiness the buys a product native a manufacturing firm to market to that is customers.
Owner's equityRights or financial insurance claims to the assets of a business.
PartnershipA type of service organization that contends least two owners. The partner usually are personally liable for the partnership's debts.
Sole proprietorshipA kind of organization organization that has one owner. The owner is personal liable for paying the business's debts.
GAAPThe procedures and also guidelines that have to be followed during the bookkeeping process
Accounts payableAmounts owed to creditor that an outcome from the purchase of products or services on account--a liability
Balance sheetA statement, as of a particular date, that display the amount of assets owned by a business as well as the amount of cases (liabilities and also owner's equity) against these assets.
Basic audit equationAssets=Liabilities+Owner's Equity
CapitalThe owner's invest of same in the company
Shift in assetsA change that occurs when the composition of the legacy has readjusted but the full of the assets continues to be the same.
SuppliesOne type of asset gained by a firm; it has a much much shorter life than equipment
Statement of financial positionA statement, as of a certain date, that show the quantity of assets own by a business as well as the lot of insurance claims (liabilities and also owner's equity) versus these assets.
Accounts receivableAn asset that indicates quantities owed by customers.
Expanded accounting equationAssets=liabilities+capital-withdrawals+revenue-expenses
ExpenseA expense incurred in to run a business by consuming goods or services in creating revenue
Net IncomeWhen revenue totals an ext than expenses.
Net lossWhen costs total an ext than revenue.
RevenueAn lot earned by performing services for client or selling products to customers; it can be in the kind of cash or account receivable
WithdrawalsA subdivision of owner's same that records money or various other assets an owner withdraws indigenous a organization for personal use.
Income statementAn audit statement the details the power of a firm (revenue minus expenses) because that a specific duration of time
Statement the owner's equityA financial statement the reveals the change in capital.
compound entryA transaction involving more than one debit or credit
double-entry bookkeepingAn accountancy system in i beg your pardon the recording of each transaction affects two or more accounts and the total of the debits is same to the complete of the credits.
accountAn accounting maker used in bookkeeping to record increases and decreases of company transactions relating to individual assets, liabilities, capital, withdrawals, revenue, expenses, and so on.
creditThe right-hand side of any type of account.
debitThe left-hand side of any type of account.
ending balanceThe difference in between footings in a T account
chart of accountsA numbering system of accounts that lists the account titles and account number to be used by a company.
ledgerA team of account that records data from business transactions.
normal balance of an accountThe next of an account that increases by the rule of debit and credit.
standard accountA official account that has columns for date, explanation, posting reference, debit, and also credit.
T accountA skeleton version of a standard account, used for demonstration purposes.
trial balanceA perform of the finishing balances of all the account in a ledger.
footingsThe totals of every side of a T account.
accounting cycleFor each bookkeeping period, the procedure that begins with the record of business transactions or procedures into a journal and ends through the perfect of a post-closing attempt balance.
transpositionThe inadvertently rearrangement of digits of a number.
calendar yearA one-year duration beginning on January 1 and ending top top December 31.
compound journal entryA newspaper entry that affects an ext than 2 accounts.
fiscal yearThe 12-month period a company chooses for its accounting year.
interim reportsFinancial statements the are all set for a month, quarter, or some other part of the budget year
journalA listing of business transactions in chronological order. The journal web links on one page the debit and also credit components of transactions.
journal entryThe transaction (debits and credits) the is recorded right into a journal when it is analyzed.
journalizingThe process of recording a transaction entry right into the journal.
postingThe transferring, copying, or record of details from a newspaper to a ledger.
slideThe error that outcomes in including or deleting zeros in the composing of a number.
trial balanceAn not blocked listing of the ledger accounts and their balances in the ledger to aid in proving the equality of debits and also credits.
accounting periodThe period of time for which an earnings statement is prepared.
AdjustingThe procedure of calculating the recent up-to-ate balance of every account in ~ teh finish of an accountancy period.
worksheetA columnar an equipment used by accountants to assist them in completing the accountancy cycle-- regularly just described as "spreadsheet." that is no a formal report.
accrued earnings payaleSalaries that space earned through employees but unpaid and unrecorded throughout the period (and hence need to be videotaped by one adjustment) and will no come due for payment till the next accounting period.
residual valueEstimated value of an legacy after every the allowable depreciation has actually been taken.
book valueCost of tools less collected depreciation.
depreciationThe assignment (spreading) the the expense of an legacy (such as an auto or equipment) over its expected advantageous life.
historical costThe actual expense of an asset in ~ time that purchase.
accumulated depreciationA contra-asset account that summarizes or accumulation the quantity of depreciation that has been taken on an asset.
adjusting newspaper entriesJournal entries the are essential in order to update specific ledger accounts to reflect exactly balances at the end of an audit period.
closing journal entriesJournal entries that are prepared to (a) reset all short-term accounts come a zero balance and (b) update resources to a new balance.
post-closing attempt balanceThe final step in the audit cycle that lists just permanent accounts in the ledger and their balances after adjusting and also closing entries have actually been posted.
permanent accountsAccounts whose balances are brought over to the next bookkeeping period. Examples: Assets, Liabilities, Capital.
temporary accountsAccounts who balances in ~ the end of an accounting duration are not carried over come the next accounting period.

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income summaryA momentary account in the ledger the summarizes revenue and expenses and also transfers the balance (net revenue or network loss) come Capital. This account go not have actually a common balance, i.e. It might have a debit or credit transaction balance.
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