Brooke's Books Flashcards
Accounts Payable
Money owed by a company to its creditors.
Accounts Receivable
Money owed to its company by its vendors.
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a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.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 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
the part of a check that is kept by the payee with information such as the check number, date, and amount.
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
where you record all of the check and cash transactions your business has.
Closing Entries
a journal entry made at the end of the accounting period.
Cloud Accounting
the practice of using an accounting system that’s accessed through the internet.
Deposit Ticket
a list of currency and checks provided by the bank as proof a deposit was made.
EFT
a digital transfer of cash through an online payment system.
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 quality of being fair and impartial.
Fiscal Year
a year as reckoned for taxing or accounting purposes.
General Ledger
the main accounting record of a company or organization.
Income/Revenue
the total amount of income generated by the sale of goods or services.
In-Transit
your package is on its way to its final destination.
Journal Entries
a record of a business transaction in your business books.
Liability
the state of being responsible for something, especially by law.
P.O.S.
the place in a store where a product is passed from the seller to the customer.
Profit Margin
the amount by which revenue from sales exceeds costs in a business.
Purchase Margin
borrowing money from a broker to purchase stock.
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
a person or company offering something for sale, especially a trader in the street.
