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GLOSSARY OF TERMS
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GLOSSARY OF TERMS
A B C D EF GH I JKL MN OP QR ST UVWXYZ
Bad Debts
Accounts receivable that are un-collectable Used in Accrual Method accounting.
Amount arrived at by adding all debits and subtracting all credits. To ensure total debits equal the total credits.
Statement, at a particular point In time, of the financial position of a business or organization-divided into three parts: assets, liabilities and ownership (equity). Also known as Statement of Financial Position.
Balance of a bank account when funds withdrawn exceed funds deposited.
Analysis that accounts for the difference between the balance shown on the bank statement and the balance shown in the accounting records on a given date.
Legal status of a person/corporation who/which is unable to pay its debts as they become due and who/which has made a transfer of property or of a right or interest in property to a trustee for the benefit of creditors.
State of being bankrupt.
Written document issued by the carrier of goods. Also, a receipt for goods and a contract to deliver goods.
A journal in which transactions are recorded for the first time before summarizing and/or posting to ledger accounts, for example, purchase journal, cash receipts journal, accounts payable journal, disbursements journal, general journal and payroll journal. See General Journal and Journal.
(1) The current value of a fixed asset as shown by the records; the difference between the original cost of the asset and the accumulated depreciation. (2) The difference between the accounts receivable and the allowance for bad debts. (3) The value of a share of stock as shown by the corporate books.
The recording of financial transactions electronically or manually. The record-keeping part of the accounting process.
An estimate of future income and expenditures.
Bylaws are the rules and regulations adopted by a corporation for its internal governance. It usually contains provisions relating to shareholders, directors, officers and general corporate business. At the corporation’s initial meeting the bylaws are adopted. Bylaws are a private document not filed with any state authority. Bylaws are more flexible than the articles of incorporation because they are easier to amend.
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