Accounting terms defined

1. _______Wish

2.  Accounts Payable: Accounts of money you owe. A
liability that is usually created when you've made a
purchase on credit.
 Accounts Receivable: Accounts of money owed to
you for the sale of goods or services.
 Accrual basis: A method of accounting where
transactions are recorded as they occur regardless of
when payment for that transaction is made or received

3. Accrued Assets: Assets from revenues
earned but not yet received.
Accrued Expenses: A liability
incurred during the accounting period
for which payment has not been made.
Accumulated Depreciation: The
running balance of the depreciation
taken on an asset.

4.  Accounts Receivable: Accounts of money owed
to you for the sale of goods or services.
 Aging: The grouping of like transactions by date.
Example - sorting invoices by due date.
 Adjusting Entries: Special accounting entries
that are made when you close the books at the end
of an accounting period to bring the ledger up to
date.

5.  Asset: Items that a business or individual
owns or are owed.
 Audit: The scrutinizing of accounting
records and supporting documents for
accuracy and completeness

6.  Bad Debt: An account or receivable that has
been deemed unrecoverable and written-off.
 Badwill (Negative Goodwill): The excess
amount of fair value of an asset or assets
over the purchase price.
 Balance Sheet: A statement listing the total
assets, liabilities, and owners' equity;
indicating the net worth of the company for
the given time period.

7.  .Bonds Payable: A long-term liability that represents
a promise to pay a sum of money plus interest at a
maturity date (a designated date in the future).
 Book Value of an Asset: Cost of the asset (the
amount that was paid for it) minus accumulated
depreciation

8.  Capital: The owner's or owners' rights to assets of a
business.
 Cash basis: An accounting method where
transactions are recorded when the actual change of
payment occurs, regardless of when the goods or
services are delivered.

9.  Cash equivalents: Highly liquid short-term
investments. Examples include money-market funds
and treasury bills.
 Certified Financial Statements: Financial
statements that have been audited and certified by a
CPA.
 Chart of accounts: A numerical listing of a business’s
accounts.

10.  Closing Entries: Journal entries made at the end of
the period to return the balance in all accounts to zero
and ready the account for the next reporting period..
 Contra account: An account that follows another
account and has a balance opposite of it. For example
accumulated depreciation is a contra asset account; it
would have a credit balance and be subtracted from
the asset's debit balance to obtain the book value or
carrying amount of the asset.

11.  Credit: An entry on the right side of an account -
decreases assets or increases liabilities.

 Debit: An entry on the left side of an account -
increases assets or decreases liabilities.

12. More terms here:
https://notesofwish.blogspot.com/
2018/04/accounting-terms.html
Depreciation: Dividends: Expenses: Extraordinary Gain or Loss:
Finished Goods Inventory: Fiscal: Form 941: Form 1099: General Ledger:
General partnership: Gross profit: Income statement: Intangibles:
Invoice: Journal: Just-in-Time: Ledger : Liability: Net sales:
Note payable: Operating Expenses : Owners' equity: Prepaid Expenses
Post: Purchase order: Retained earnings: Reversing Entry: Revenue:
Trial Balance: