Accounting Terminology

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Method of accounting that recognizeds revenue when earned, rather than when collected. Expenses are recognized when incurred rather than when paid.
A gift by will of personal property. If the bequest is money to the extent it is paid out of income from property it is taxable to the recipient. Generally bequest value is fair ma
Employee benefit plan authorized by internal revenue code section 401(k), whereby an employer establishes an account for each participating employee and each participant elects to
Encumberence placed on property as security for unpaid taxes.
Accounting method that reflects an equal amount of wear and tear during each period of an asset's useful life.
Basic financial statement that describes the assets, liabilities, and equity of its owners.
Gradual and periodic reduction of any amount, such as the periodic write-down of a bond premium, the cost of an intangible asset or periodic payment of mortgages or other debt.
Formal instrument issued by a bank upon the deposit of funds which may not be withdrawn for a specified time period. Typically, an early withdrawal will incur a penalty.
Measure of performance calculated by dividing the net earnings of a company by the average number of shares outstanding during a period.
Value of an asset at the present time as compared with the asset's historical value.
Accounting method of valuing inventory under which the costs of the last goods acquired are the first costs charged to expense.
Legal arrangement whereby the owner of a trade name, franchisor, contracts with a party that wants to use the name of a non-exclusive basis to sell goods or services, franchisee. F
Accumulated undistributed earnngs of a company retained for future needs or for future distribution to its owners.
Form of doing business combining limited liability for all owners (called members) with taxation as a partnership. Formed by filing Articles of Organization with an appropriate sta
Retirement plan offered by an employer for the benefit of an employee, usually at retirement, through a trustee who controls the plan assets.
Return on an investment an investor receives from dividends or interest expressed as a percentage of the cost of the security.
Anything owned by the company having a monetary value. Fixed _____ like buildings, plant and machinery, vehicles and potentially including intangibles like trademarks and brand nam
Right to purchase or sell a specified number of shares of stock at specified prices and times.
Period of 12 consecutive months chosen by an entity as its accounting period which may or may not be a calender year.
Rate of interest charged by major US banks on loans made to their preferred customers.
Winding up an activity by distributing its assets to the appropriate parties and settling its debts.
Form of doing business pursuant to a charter granted by a state or federal government. They typicaly are characterized by the issuance of freely transferable stock, perpetual life,
The amount of a business' total assets less total liabilities. Also, the third section of a balance sheet, the other two being assets and liabilities.
Ancient legal practice where one person (the grantor) transfers the legal title to an asset, called the principles or corpus, to another person (the trustee), with specific instruc
The first sale of privately owned equity (stock or shares) in a company via the issue of shares to the public and other investing institutions. Typically involve small, young compa
Obligation whose liquidation is expected to require the use of existing resources classifed as current assets, or the creation of other ______.
Amount owed to a creditor for delivered goods or completed services.
A ________ is an instrument that represents financial value. _______ are broadly categorized as banknotes, bonds and equity.
Accounting method of valuing inventory under which the costs of the first goods acquired are the first costs charged to expense.
Relationship between two or more persons based on a written, oral or implied agreement whereby they agree to carry on a trade or business for profit and share the resulting profits
Sales of products, merchandise, and services; and earnings from interest, dividends or rents.
Expense allowance made for wear and tear on an asset over its estimated useful life.
Capital stock having no preferences generally in terms of dividends, voting rights or distributions.
Long-term obligation that matures more than five years from issuance and bears interest.
Net of cash receipts and cash disbursements relating to a particular activity during a specified accounting period.
Face amount of a security, exclusive on any interest. The basis for interest computations.
The beginning point for the determination of income, including income from whatever sources derived.
Business owned by an individual without the limited liablity protection of a corporation or a LLC.
Legal process, governed by federal statute, whereby the debts of an insolvent person are liquidated after being satisfied to the greatest extent possible by the debtor's assets.
Conveyence of land, buildings, equipment or other assets from one person to another for a specified period of time for monetary or other consideration, usually in the form of rent.
Asset provided to a creditor as security for a loan.
Person who is given legal title to and management authority over, the property placed in a trust.
Ownership shares of a stock authorized by its articles of incorporation. The money value assigned to a corporation's issued shares.
Amount due at maturity from a bond or note.
Distribution of earnings to owners of a corporation in cash, other assets of the corporation, or the corporation's stock.
Asset that one can reasonably expect to convert into cash, sell, or consume in operations within a single operating fiscal year.
(1) Costs, excluding acquisition costs, incurred to bring a new unit into production. (2) Costs incurred to begin a business.
Summary of the effect of revenues and expenses over a period of time.
Claim against a debtor for an uncollected amount, generally from a completed transaction of sales or services rendered.
Ratio measure of the profits achieved by a firm through its basic operations. An indicator of management's general effectiveness and efficiency. The simplest version is the ration
Wages, salaries, professional fees and other amounts received as compensation for services rendered.
Financial shortage that occurs when liabilities exceed assets.
Agency authorized by the US Congress to regulate the financial reporting practices of most public corporations.
Series of payments, usually payable at specified time intervals.
Debt or obligations owed by one entity (debtor) to another entity (creditor) payable in money, goods or services.
Type of capital stock that carries certain preferences over common stock, such as a prior claim on dividends or assets.
Any intangible asset with a life of more than one year used in an entity's operations.
Arrangement in which allowable tax deductions result in the deferral of tax on income that would otherwise be payable currently.
Total income taxes expressed as a percentage of net income before taxes.
Company that has a controlling interest in the common stock of another.
Amount that an asset or liability shows on the balance sheet of a company.
Payment, either in cash, by assuming a liability, or by surrendering an asset.
Amounts of money due from customers or other debtors.

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