Brooke's Book Flashcards
Accounts Payable
amounts due to vendors or suppliers for goods or services received that have not yet been paid for.
Accounts Receivable
the funds that customers owe your company for products or services that have been invoiced.
Aging Report
a record of overdue invoices, accounts receivable, or unused credit memos by periodic date changes.
Asset
property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies.
Balance Sheet
a financial statement that reports a company’s assets, liabilities, and shareholder equity.
Bank Statement
a list of all transactions for a bank account over a set period, usually monthly.
Business Transaction
a financial transaction between two or more parties that involves the exchange of goods, money, or services.
Chart of Accounts
an index of all the financial accounts in the general ledger of a company.
Check Stub
a paper document attached to a physical check or included in a wages envelope.
Checkbook Reconciliation
making sure the records you’ve kept for all your spending and income match what the bank says on your physical or online statement
Checkbook Register
to calculate a running balance of their checking account.
Closing Entries
a journal entry made at the end of the accounting period.
Cloud Accounting
a system that allows multi-user access and safe online or remote server storage.
Deposit Ticket
a list of currency and checks provided by the bank as proof a deposit was made.
EFT
electronic funds transfer
Entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Equity
the quality of being fair and impartial.
Expense
the cost required for something; the money spent on something.
Fiscal Year
a one-year period that companies and governments use for financial reporting and budgeting.
General Ledger
an accounting record of all financial transactions in your business.
Income/Revenue
money received, especially on a regular basis, for work or through investments.
In-Transit
in the process of being transported.
Journal Entries
a record of a business transaction in your business books.
Liability
rapid, often exaggerated changes in mood, where strong emotions or feelings (uncontrollable laughing or crying, or heightened irritability or temper) occur.
