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.
Balence 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
printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.
Buisness transaction
financial transaction between two or more parties that involves the exchange of goods, money, or services.
Chart of accounts
a financial, organizational tool that provides an index of every account in an accounting system
Check stub
was a paper document attached to a physical check or included in a wages envelope
Checkbook consiliation
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 entried
a journal entry made at the end of the accounting period.
Cloud accounting
is the practice of using an accounting system that’s accessed through the internet
Deposit ticket
A deposit slip is a small paper form that a bank customer includes when depositing funds into a bank account.
EFT
Electronic funds transfer is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff.
