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Accounting Methods and Reports
N/A
12
Accounting
Graduate
01/02/2011

Additional Accounting Flashcards

 


 

Cards

Term
Accrual Accounting
Definition
Accounting that recognizes revenues and expenses as they occur, even though the cash receipt from the revenue or the cash disbursement related to the expenses may occur before or after the event that causes revenue or expense recognition.
Term
Account
Definition
A record in which transactions affecting individual assets, liabilities, owner's equity, revenues, and expenses are recorded.
Term
Account Balance
Definition
The arimetic sum of the additions and subtractions to an an account through a given date
Term
Account Payable
Definition
A liability representing an amount payable to another entity usually because of the purchase of merchandise or a service on credit.
Term
Accounting
Definition
The process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements.
Term
Accounting Change
Definition
A change in the application of an accounting principle.
Term
Accounting Equation
Definition

Assets = Liabilities + Owner's Equity (A = L + OE)

The fundamental relationship represented by the balance sheet and the foundation of the bookkeeping process.

Term
Accounts Payable
Definition
A liability representing an amount payable to another entity, usually because of the purchase of merchandise or services on credit.
Term
Accounts Receivable
Definition
An asset representing a claim against another entity usually arising from selling goods or services
Term

ACRS

Accelerated Cost Recovery System

Definition
The method described in the Internal Revenue Code for calculating the depreciation deduction (1981-1986)
Term
Accelerated Depreciation Method
Definition
A depreciation calculation method that results in greater depreciation expense in the early periods of an assets life than in the later periods of its life.
Term
Accrual
Definition
The process of recognizing revenue that has been earned but not collected, or an expense that has been incurred but not paid.
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