This dictionary provides a basic vocabulary of terms used in accounting, from personal anyone who needs to check the meaning of an accountancy term, from. switunludisftalk.tk's accounting dictionary defines accounting terms in a way that is easy for anybody to Dictionary of Accounting Terms. Print PDF. Edition 1 of tutor2u's acclaimed Accounts & Finance Glossary. "a very good resource and a Accounting is a difficult term to define.ааHowever, it is formally .
|Language:||English, Spanish, Hindi|
|Genre:||Academic & Education|
|Distribution:||Free* [*Sign up for free]|
Dictionary of Accounting and Budget Terms. Abatement. The cancellation of part or all of a receipt or expense previously recorded. Accounts Payable. Amounts. To help with this, we've compiled an assortment of basic financial terms and acronyms and created a simple accounting glossary for beginners. Accounting Terminology. Page 2. Contents. Page. 1. Accounting Period. .. Before Owners' Salary - this is a term used to indicate what the financial result is.
Adjusted Basis After a taxpayer's basis in property is determined, it must be adjusted upward to include any additions of capital to the property and reduced by any returns of capital to the taxpayer. Additions might include improvements to the property and subtractions may include depreciation or depletion. A taxpayer's adjusted basis in property is deducted from the amount realized to find the gain or loss on sale or disposition.
Adjusted Gross Income Gross income reduced by business and other specified expenses of individual taxpayers. The amount of adjusted gross income affects the extent to which medical expenses, non business casualty and theft losses and charitable contributions may be deductible.
It is also an important figure in the basis of many other individual planning issues as well as a key line item on the IRS form and required state forms. Adjusted Trial Balance A trial balance prepared after all adjusting entries have been recorded and posted to the accounts. Should have equal credit and debit totals.
Adjusting Journal Entry An accounting entry made into a subsidiary ledger called the General journal to account for a periods changes, omissions or other financial data required to be reported "in the books" but not usually posted to the journals used for typical period transactions the cash receipts journal , cash disbursements journal, the payroll journal, sales journal and so on the entry is posted to the general ledger accounts directly and usually will be numbered itself, dated and have an explanation.
Cross-reference bank reconciliation and account where it was found Receipts for shares of foreign company stock maintained by an intermediary indicating ownership. Affiliated Company Company , or other organization related through common ownership, common control of management or owners, or through some other control mechanism, such as a long- term LEASE.
Agency Fund Fund consisting of ASSETS where the holder agrees to remit the assets, income from the assets, or both, to a specified beneficiary in due course or at a specified time. The AICPA establishes ethical and auditing standards as well as standards for other services performed by its members.
Through committees, it develops guidance for specialized industries. To set aside for a specific reason.
Alternative Dispute Resolution An alternative to formal litigation which includes techniques such as arbitration, mediation, and a non-binding summary jury trial.
Receipts for shares of foreign company stock maintained by an intermediary indicating ownership. Analyst Person in a brokerage house, bank trust dept. Analytical Procedures Substantive tests of financial information which examine relationships among data as a means of obtaining evidence.
Such procedures include: 1 comparison of financial information with information of comparable prior periods; 2 comparison of financial information with anticipated results e. Series of payments, usually payable at specified time intervals. Assembly of Financial Statements The providing of various accounting or data-processing services by an accountant , the output of which is in the form of financial statements ostensibly to be used solely for internal management purposes.
Assertion Explicit or implicit representations by an entity's management that are embodied in financial statement components and for which the AUDITOR obtains and evaluates evidential matter when forming his or her opinion on the entity's financial statements.
Asset An economic resource that is expected to be of benefit in the future. Probable future economic benefits obtained as a result of past transactions or events. Anything of value to which the firm has a legal claim. In the case of a limited liability company, the shareholder is the principal and the director is the agent.
Larger companies also provide information and pictures of the activities of the company.
B bad debt It is known that a credit customer debtor is unable to pay the amount due. C capital An amount of finance provided to enable a business to acquire assets and sustain its operations. Raises no new finance but changes the mix of share capital and reserves. Legislation to control the activities of limited liability companies. Sometimes used with a stronger meaning of understating assets and overstating liabilities.
Boards of directors are responsible for the governance of their companies. Typical trade credit periods range from 30 to 60 days but each agreement is different.
Back to the top D debenture A written acknowledgement of a debt — a name used for loan financing taken up by a company. The deferred income is held in the balance sheet as a type of liability until performance is achieved and is then released to the income statement.
The depreciable amount is cost less residual value. Directive A document issued by the European Union requiring all Member States to adapt their national law to be consistent with the Directive.
The discount is often expressed a percentage of the invoiced amount. The amount of dividend paid is proportionate to the number of shares held. Back to the top E earnings for ordinary shareholders Profit after deducting interest charges and taxation and after deducting preference dividends but before deducting extraordinary items.
Back to the top F fair value The amount at which an asset or liability could be exchanged in an arm's-length transaction between a willing buyer and a willing seller.
Financial Reporting Standard Title of an accounting standard issued by the UK Accounting Standards Board as a definitive statement of best practice issued from onwards — predecessor documents are Statements of Standard Accounting Practice, many of which remain valid.