Brooke's Books Flashcards
Accounts Payable
When a company purchases goods on credit which needs to be paid back in a short period of time
Accounts Receivable
the money a company’s customers owe for goods or services they have received but not yet paid for
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a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.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
a financial organizational tool that provides a complete listing of every account 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
a summary of banking and business activity that reconciles an entity’s bank account with its financial records.
Checkbook Register
a document on which is stated the payment dates, check numbers, payment amounts, and payee names for all check payments.
Closing Entries
a journal entry made at the end of the accounting period whereby data are moved from temporary accounts to permanent accounts.
Cloud Accounting
has all the same functionality as desktop accounting, but moves the whole process to the cloud and expands upon it.
Deposit Ticket
a small paper form that a bank customer includes when depositing funds into a bank account.
EFT
An electronic funds transfer (EFT) is a digital transfer of cash through an online payment system.
