Accounting Terms

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Author:
mchang21
ID:
102621
Filename:
Accounting Terms
Updated:
2011-09-18 20:13:58
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Accounting Terms
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Description:
terms of what defines assets, liabilities etc
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  1. cash
    money and any medium of exchange including bank account balances, paper checks, coins, certificates of deposit, checks. (Assets)
  2. Accounts receivable
    The amount that in cash that is promised for future collection following the selling of goods and services (Asset)
  3. Notes receivable
    A note promising to pay the company. Similar to account receivable, except that note receivable is binding, and usually with an interest rate (Asset).
  4. Inventory
    Merchandise, Merchandise Inventory (Asset)
  5. Prepaid Expenses
    Things such as insurance and rent, and supplies. Payment provides a future benefit for the business. (Asset)
  6. Land
    (Asset)
  7. Buildings
    Costs of company's office, manufacturing plant, etc. (Assets)
  8. Equipment, Furniture, Fixtures
    The cost of assets like Manufacturing equipment, office equipment. (Assets)
  9. Accounts Payable
    Opposite of accounts receivable. The company's promise to pay a debt arising from credit purchase of inventory or from a utility bill. (Liability)
  10. Common Stock
    The owner's investment in the corporation. Issued by corporations to its stockholders. Most basic form of equity. (Stockholders Equity)
  11. Dividends
    Optional cash that is declared by the company to be given to its shareholders. (Stockholder's equity).

    Dividends represent a decrease in Retained Earnings
  12. Revenues
    The increase in stockholder's equity from delivering goods and services. Many kinds of revenue accounts (Revenues increase stockholders equity)
  13. Expenses
    Cost of operating a business. (Expenses decrease stockholder's equity).

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