Glossary of accounting terms pdf files

Account a fiscal and accounting entity with a selfbalancing set of general ledger codes in which cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, are recorded and. The last day of the period is called the accounting date. The equation that is the basis of the balance sheet. Englishchinese microfinance glossary, july 2008 a absorption accounting equivalent. Glossary of cost accounting terms established in sffas 4, managerial cost accounting concepts and standards for the federal government activity the actual work task or step performed in producing and delivering products and services. Working on this glossary, we went through many authoritative glossaries to pick up the useful contemporary words for the readers of this. Accounting cycle the sequence of steps followed in the accounting process to measure business transactions and transform the measurements into financial statements for a specific period. It must also be filed within the timeframe allotted or. A taxpayer, whether business or individual, must file a request on a form.

Mel king institute definitions of accounting terms for. Accounting terminology paul martin chartered accountant ltd. An aggregation of actions performed within an organization that is useful for purposes. Statement of change in owners equity financial statement of a business that reports the changes that have occurred in the owners equity. Accounting glossary center for nonprofit excellence. Accounts payable sundry creditors short term or current financial obligations that are created through the purchase of merchandise, or obtaining of service. The international warehouse logistics association iwla does not take responsibilityfor the content of these definitions and doesnot endorse theseas official. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Phone 2015680249 glossary of utility finance and accounting terms used in our seminars letters in parenthesis, preceding the definition, identify the sources used in compiling the glossary.

Short term or current financial obligations that are created through the purchase of. A contract between sba and the borrower that spells out the terms and conditions of the loan. Glossary of forensic accounting terms and explanation of. The wealthhow article below provides a glossary of accounting terms and definitions that are most commonlyused. Accounting terminology can be quite a mouthful and hard to remember, especially if you dont have much prior experience with financial or. Wright, director of the thomas willing institute for the study of financial markets, institutions, and regulations and the nef family chair of political economy, augustana college sd this work is not ed. There may be several accounting periods in an accounting cycle. Florida department of financial services flair procedures. Cash equivalents shortterm, highly liquid investments that are. The nysscpa has prepared a glossary of accounting terms for accountants and. It also lists creditors who have been owed money for the longest period.

Accounting terminology guide over 1,000 accounting and finance terms a b c. When necessary, the glossary also provides contextual and usage notes. The world of accounting uses many terms to define different actions, circumstances and classifications for preparing financial statements with the most accurate information possible. Where multiple terms are provided, we trust the translator to use the term that best applies to a specific context and audience. Page 1 of 5 glossary of cost accounting terms established in sffas 4, managerial cost accounting concepts and standards for the federal government activity the actual work task or step performed in producing and delivering products and services. Batch processing a computer application that compiles accounting data into a file format for electronic transmission to a specified destination. In class or at a business meeting, you are likely to hear an accounting term that is. General accounting terms and definitions accounting cycle composed of several accounting periods spanning over twelve consecutive months. As cloud accounting providers, we feel strongly about eliminating jargon and making accounting simple and accessible for everyone.

Bare trustee a bare trustee holds property on trust for another person until asked to return the property. A comprehensive listing of all the accounting terms used on the website. Introduction listening and responding to consumers is central to the bureau s work to educate and empower consumers to make better informed financial decisions. Bookkeeping and accountancy deal with maintaining record of all the transactions that a businessindividual makes. A service that oversees, measures, and evaluates financial information for. The american institute of certified public accountant has defined financial accounting as. Harold averkamp cpa, mba has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Consumers nationwide have engaged with the bureau through public field hearings, listening sessions, roundtables, town halls, the. Glossary of accounting terms and definitions wealth how. Financial statements documents presenting accounting information. Consolidated glossary this glossary is a compilation of all terms presented in statements of federal financial accounting standards. Glossary of defined terms this glossary contains all terms defined in the 42 accrual basis international public sector accounting standards ipsass approved up to january 31, 2019. The glossary gives a short definition of each technical term.

Corporations currently operate on a fiscal year beginning on july 1st and ending june 30th. Financial statements records that outline the financial activities of a business, an individual or any other entity. Accounting date organisations prepare their annual accounts covering a period of 12 months. This glossary does not include terms defined in the cash basis ipsas, financial.

Money owed by the business debts, accounts payable a. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. Cleared items are accounts payable documents which have been paid. The guide is an important resource that will help to create a much greater understanding of. Where accounting terms have not been defined in the pronouncements of the institute of singapore chartered accountants isca, reference should be made to the glossary of terms published by the accounting standards council. This glossary is for anyone who wants and needs to learn the terms related to the field of money and banking. Consolidated financial statements financial statements of a group in which assets, liabilities, equity, income, expenses and cash flows of the parent company and its. This dictionary provides a basic vocabulary of terms used in accounting, from personal.

Supply chain and logistics terms and glossary updated february, 2010 please note. Batch character b used to accumulate transactions for reconciling input totals to output totals. The basis of accounting under which revenues are re corded when earned and expenditures are recorded as soon as they. The purpose of this glossary is to promote familiarity with this terminology for those who do not work with tax issues every day. An aggregation of actions performed within an organization that is useful for purposes of activitybased costing. Accounting period any period of time utilised to measure accounting performance e. Accounting equation the relationship between assets, liabilities and ownership interest. Aged debtors report an aged debtors report lists amounts owed to a business by trade debtors and analyses how long the amounts have been due.

He is the sole author of all the materials on accountingcoach. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Glossary of business financial terms 1 glossary of business financial terms accrual basis accounting. In many cases this is expanded with an explanation of the theoretical background to the concepts involved and the practical context in which the term is used. The cfpbs glossary of english chinese financial terms.

The bureau is publically sharing it in an effort to further the accessibility of financial information to limited english proficiency persons. Mel king institute definitions of accounting terms for financial statements for cdcs 1. Appendix 1 glossary of terms type text 74 aircraft aircraft means a device that is used or intended to be used for flight in the air. Revised march 30, 2010 2 accounting glossary the following glossary is a condensed version of the new york society of cpas accounting terms glossary. The following glossary is a condensed version of the new york society of cpas accounting terms glossary. Accounting period expenditure and revenue measurement within a predetermined time frame. The use of ascii also allows for data files generated by one type of program. A service that oversees, measures, and evaluates financial information for decision making purposes. An organization might use the cash, modified accrual, or accrual basis of accounting. A list of these ipsass is located on the inside back cover of the glossary. Glossary of defined terms this glossary contains all terms defined in the 40 accrual basis international public sector accounting standards ipsass approved up to january 31, 2018. This glossary is a compilation of all terms presented in statements of federal financial accounting standards. Accounting terminology guide over 1,000 accounting and. This glossary of common financial terms was created and is used by the bureau for translating consumer education materials from english to chinese.

The glossary contains definitions of accounting, reporting, and auditing terms that. In this spirit, weve compiled this handy guide to the most commonly used accounting terms for your reference. State board of accounts glossary of accounting and audit. The core of the glossary has been built around the technical terms used in current world health organization who and other. Most liquid items such as cash, government securities, including.