Brooke’s books Flashcards
Accounts Payable
money owed by a company to its creditors.
Accounts receivable
money owed to a company by its debtors.
Aging report
tells how long an invoice has been due for payment
Asset
a useful or valuable thing, person, or quality.
Balance sheet
a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period
Bank Statement
a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.
Business Transcation
financial transaction between two or more parties that involves the exchange of goods, money, or services
Chart off Accounts
a list of all the accounts you must use to record financial transactions in your general ledger
Check stub
a document, usually part of the general ledger, used to record financial transactions in cash
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
a document, usually part of the general ledger, used to record financial transactions in cash.
Closing entries
a journal entry made at the end of accounting periods that involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet.
Cloud accounting
Cloud computing is the on-demand availability of computer system resources, especially data storage and computing power, without direct active management by the user. Large clouds often have functions distributed over multiple locations, each of which is a data center.
Deposit ticket
A deposit slip is a form supplied by a bank for a depositor to fill out, designed to document in categories the items included in the deposit transaction. The categories include type of item, and if it is a cheque, where it is from such as a local bank or a state if the bank is not local.
EFT
No defintion
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 year as reckoned for taxing or accounting purposes.
General ledger
In bookkeeping, a general ledger is a bookkeeping ledger in which accounting data are posted from journals and aggregated from subledgers, such as accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects.
Income/revenue
the total amount of income generated by the sale of goods or services related to the company’s primary operations
In-transit
in the process of being transported.
Journal entries
A journal entry is the act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company’s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit.
Liability
the state of being responsible for something, especially by law.
P.O.S.
The point of sale or point of purchase is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment.
Profit margin
the amount by which revenue from sales exceeds costs in a business.
Purchase discount
Purchase discount is an offer from the supplier to the purchaser, to reduce the payment amount if the payment is made within a certain period of time. For example, a purchaser bought a $100 item, with a purchase discount term 3/10, net 30. If he pays within 10 days, he will only need to pay $97.
Purchase return
when the buyer of merchandise, inventory, fixed assets, or other items sends these goods back to the seller.
Sales discount
a reduced price offered by a business on a product or service
Sales return
merchandise sent back by a buyer to the seller.
Sales tax liability
funds collected from customers to be distributed to state and local tax agencies by businesses.
Sales tax payable
a liability account in the balance sheet that keeps track of the sales tax collected from the customers on behalf of the governing tax authority.
Trial balance
a statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.
Vendor
