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- a decision based only on a specific rule or rules and not on any other consideration: The case was dismissed on a technicality and will be retried at a later date.
dictionary.cambridge.org/dictionary/english/technicality
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May 12, 2023 · To help remove some of the mystery behind accounting language, this article will provide definitions and explanations for some of the most common Accounting Terms & Phrases. With this guide, you’ll better understand financial statements, reports, and conversations about your finances.
- Accounts Payable. Accounts Payable refers to the money a company owes to its creditors or suppliers for goods and services purchased on credit. It represents a liability on the company's balance sheet until payment.
- Balance Sheet. The Balance Sheet is a financial statement that provides a snapshot of a company's financial position at a specific time. It presents the company's assets, liabilities, and shareholders' equity, enabling stakeholders to assess its financial health.
- Cash Flow. Cash Flow represents the movement of cash into and out of business over a specific period. It provides insights into a company's ability to generate cash and meet its financial obligations.
- Depreciation. Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the asset's value decrease due to wear and tear, obsolescence, or other factors.
From understanding assets and liabilities to deciphering income statements, this glossary will enhance your knowledge and empower you to make informed financial decisions. If you cannot find the bookkeeping terms or definitions you need, please contact us, and we will try and add them.
Bookkeeping TermsDescription Of Bookkeeping TermsMoney owed from a customer for a sales ...AccountingProcess of keeping the business financial ...AccountsThe financial statement of a business in ...Accounts PayableMoney owed to a supplier from bills or ...- ● Accounts Payable
- ● Accounts Receivable
- ● Accounting Period
- ● Accruals
- ● Accrual-Basis Accounting
- ● Assets
- ● Balance Sheet
- ● Capital
- ● Cash-Basis Accounting
- ● Certified Public Accountant
Money a business owes to its suppliers, vendors, or creditors for goods or services bought on credit; considered a short-term debt. Accounts payable is a crucial concept for any business operating with credit—every time a business purchases from a supplier on credit, an accounting entry is made in accounts payable.
The opposite of accounts payable; money owed to a business by its customers, for goods or services delivered. Accounts receivable refers to money your customers owe for goods or services purchased from you in the past. This money is typically recorded as an asset on your balance sheet; they live under the ‘current assets’ portion on your balance sh...
An accounting period is a period during the fiscal orcalendar yearin which accountants perform functions such as gathering and aggregating data and creating financial statements. The financial statements made during these periods are important for attracting potential investors or procuring loans from banks.
A record-keeping adjustment that recognizes business expenses and revenues before exchanges of money take place.
An accounting method where revenue and expenses are recorded as they are earned, regardless of when the money is received or paid. Mutually exclusive with cash-basis accounting.
Resources with economic value. Assets can reduce expenses, generate cash flow, or improve sales for businesses.
A financial statement providing a picture of an organizations’ liabilities, assets, and shareholders’ equity at a specific moment in time. Compare thebalance sheet vs. income statement.
A person’s or organization’s financial assets. Capital may include funds in deposit accounts or money from financing sources.
Under the cash method, income is considered constructively received the moment it is credited to a business’s account, made available without restriction, or received by an authorized agent acting on behalf of the company.
Certified public accountants (CPAs) are accounting professionals certified to practice public accounting by the American Institute of Certified Public Accountants.
- Accounts receivable (AR) Accounts receivable (AR) definition: The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used.
- Accounting (ACCG) Accounting (ACCG) definition: A systematic way of recording and reporting financial transactions for a business or organization.
- Accounts payable (AP) Accounts payable (AP) definition: The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.
- Assets (fixed and current) (FA, CA) Assets (fixed and current) definition: Current assets (CA) are those that will be converted to cash within one year.
With its authoritative and straightforward definitions and its wide-ranging coverage, this dictionary is essential for students and professionals in accounting and finance. It is also an ideal source of reference for anyone seeking a clear guide to the often-confusing world of accountancy terms.
A specialized accounting dictionary can help you grasp complex accounting topics by providing clear and concise definitions of terms, concepts, and principles related to the subject. Additionally, these dictionaries may offer examples, illustrations, or context to promote better understanding.
