Search results
May 12, 2023 · Quantify Meaning. Quantify is an accounting term used to describe a process of measuring or evaluating something in numerical terms. This can include the amount of money spent on a particular project, the number of workers hired in a specific period, or the total number of sales over a specific time frame.
- ● Accounts Payable
- ● Accounts Receivable
- ● Accounting Period
- ● Accruals
- ● Accrual-Basis Accounting
- ● Assets
- ● Balance Sheet
- ● Capital
- ● Cash-Basis Accounting
- ● Certified Public Accountant
Money a business owes to its suppliers, vendors, or creditors for goods or services bought on credit; considered a short-term debt. Accounts payable is a crucial concept for any business operating with credit—every time a business purchases from a supplier on credit, an accounting entry is made in accounts payable.
The opposite of accounts payable; money owed to a business by its customers, for goods or services delivered. Accounts receivable refers to money your customers owe for goods or services purchased from you in the past. This money is typically recorded as an asset on your balance sheet; they live under the ‘current assets’ portion on your balance sh...
An accounting period is a period during the fiscal orcalendar yearin which accountants perform functions such as gathering and aggregating data and creating financial statements. The financial statements made during these periods are important for attracting potential investors or procuring loans from banks.
A record-keeping adjustment that recognizes business expenses and revenues before exchanges of money take place.
An accounting method where revenue and expenses are recorded as they are earned, regardless of when the money is received or paid. Mutually exclusive with cash-basis accounting.
Resources with economic value. Assets can reduce expenses, generate cash flow, or improve sales for businesses.
A financial statement providing a picture of an organizations’ liabilities, assets, and shareholders’ equity at a specific moment in time. Compare thebalance sheet vs. income statement.
A person’s or organization’s financial assets. Capital may include funds in deposit accounts or money from financing sources.
Under the cash method, income is considered constructively received the moment it is credited to a business’s account, made available without restriction, or received by an authorized agent acting on behalf of the company.
Certified public accountants (CPAs) are accounting professionals certified to practice public accounting by the American Institute of Certified Public Accountants.
- Balance Sheet. The balance sheet is a financial statement that provides a snapshot of a company’s financial position at a specific point in time. It presents the company’s assets (what it owns), liabilities (what it owes), and shareholders’ equity (the difference between assets and liabilities).
- Income Statement. The income statement, also known as the profit and loss statement or P&L, summarizes a company’s revenues, expenses, gains, and losses over a specific period.
- Cash Flow Statement. The cash flow statement tracks the inflow and outflow of cash within a company during a specific period. It categorizes cash flows into three main activities: operating, investing, and financing.
- Statement of Retained Earnings. The statement of retained earnings, sometimes called the statement of owner’s equity, shows the changes in a company’s retained earnings over a specific period.
Jul 9, 2024 · Glossary entries cover concepts essential to businesses: Key terms like "accounts payable," "accounts receivable," "cash flow," "revenue," and "equity" are all fully covered and explained. Consider reading these additional business owner resources: Small Business Guide. Accounting for Small Businesses.
- In its most basic sense, accounting describes the process of tracking an individual or company's monetary transactions. Accountants record and anal...
- Basic accounting concepts used in the business world cover revenues, expenses, assets, and liabilities. These elements are tracked and recorded in...
- Introduction to accounting frequently identifies assets, liabilities, and capital as the field's three fundamental concepts. Assets describe an ind...
- Certified public accountants and management accountants are two of the profession's most common specializations. Management accountants are also kn...
The earliest known use of the adjective lacerate is in the early 1500s. OED's earliest evidence for lacerate is from 1514, in the writing of S. Appulby. It is also recorded as a verb from the Middle English period (1150—1500). lacerate is a borrowing from Latin. Etymons: Latin lacerātus, lacerāre.
Jul 20, 2020 · Accounts receivable (AR) definition: The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used. Accounting (ACCG) definition: A systematic way of recording and reporting financial transactions for a business or organization. Accounts payable (AP) definition: The amount of money a ...
People also ask
Where does lacerate come from?
What does prorated mean in accounting?
What is allocate in accounting?
What does depreciation mean?
What is a liquid asset in accounting?
Aug 21, 2024 · The ones explained above can help understand accounting at a beginner's level. The list does not end here, as many accounting concepts and terms are used in daily life. Recommended Articles. This article is a guide to Accounting Terminology. Here we discuss the top 15 basic accounting terminology and its definition and detailed explanations.
