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- Distinct from general accounting, which concerns itself with routine business operations, technical accounting pursues deeper probing of transactions such as mergers and acquisitions, financial derivatives, revenues and other operating income, and leases.
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May 12, 2023 · Technical Accounting This accounting principles and national financial reporting standards to inform decisions on topics such as mergers, acquisitions, divestitures, and capital investments. Technical accounting also helps companies assess their financial position to ensure accurate financial reports.
- 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 ...Jul 9, 2024 · How to Use This Guide to Accounting Terms. Presented in alphabetical order, this glossary of accounting terms covers essential basics and key concepts. You can look up individual terms, or read the guide from start to finish for a quick crash course in accounting fundamentals.
- In its most basic sense, accounting describes the process of tracking an individual or company's monetary transactions. Accountants record and anal...
- Basic accounting concepts used in the business world cover revenues, expenses, assets, and liabilities. These elements are tracked and recorded in...
- Introduction to accounting frequently identifies assets, liabilities, and capital as the field's three fundamental concepts. Assets describe an ind...
- Certified public accountants and management accountants are two of the profession's most common specializations. Management accountants are also kn...
- ● 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.
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.
