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25 relations: Accounting, Accounting information system, Accounts receivable, Adjusting entries, Arrears, Bad debt, Balance sheet, Current asset, Debits and credits, Debt, Debt collection, Debtor collection period, Default (finance), Expense, Finance, Income statement, Internal Revenue Code, Limited liability company, Liquidation, Loan, Matching principle, Net realizable value, Revenue, United States dollar, Write-off.
Accounting
Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations.
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Accounting information system
An accounting information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers.
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Accounts receivable
Accounts receivable is a legally enforceable claim for payment held by a business for goods supplied and/or services rendered that customers/clients have ordered but not paid for.
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Adjusting entries
In accounting/accountancy, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.
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Arrears
Arrears (or arrearage) is a legal term for the part of a debt that is overdue after missing one or more required payments.
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Bad debt
A bad debt is a monetary amount owed to a creditor that is unlikely to be paid and, or which the creditor is not willing to take action to collect because of various reasons, often due to the debtor not having the money to pay, for example due to a company going into liquidation or insolvency.
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Balance sheet
In financial accounting, a balance sheet or statement of financial position is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as Government or not-for-profit entity.
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Current asset
In accounting, a current asset is any asset which can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year or operating cycle (whichever period is longer).
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Debits and credits
In double entry bookkeeping, debits and credits (abbreviated Dr and Cr, respectively) are entries made in account ledgers to record changes in value resulting from business transactions.
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Debt
Debt is when something, usually money, is owed by one party, the borrower or debtor, to a second party, the lender or creditor.
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Debt collection
Debt collection is the process of pursuing payments of debts owed by individuals or businesses.
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Debtor collection period
In accounting the term Debtor Collection Period indicates the average time taken to collect trade debts.
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Default (finance)
In finance, default is failure to meet the legal obligations (or conditions) of a loan, for example when a home buyer fails to make a mortgage payment, or when a corporation or government fails to pay a bond which has reached maturity.
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Expense
In common usage, an expense or expenditure is an outflow of money to another person or group to pay for an item or service, or for a category of costs.
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Finance
Finance is a field that is concerned with the allocation (investment) of assets and liabilities (known as elements of the balance statement) over space and time, often under conditions of risk or uncertainty.
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Income statement
An income statement or profit and loss accountProfessional English in Use - Finance, Cambridge University Press, p. 10 (also referred to as a profit and loss statement (P&L), statement of profit or loss, revenue statement, statement of financial performance, earnings statement, operating statement, or statement of operations) is one of the financial statements of a company and shows the company’s revenues and expenses during a particular period.
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Internal Revenue Code
The Internal Revenue Code (IRC), formally the Internal Revenue Code of 1986, is the domestic portion of federal statutory tax law in the United States, published in various volumes of the United States Statutes at Large, and separately as Title 26 of the United States Code (USC).
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Limited liability company
A limited liability company (LLC) is the United States of America-specific form of a private limited company.
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Liquidation
In United Kingdom, Republic of Ireland and United States law and business, liquidation is the process by which a company is brought to an end.
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Loan
In finance, a loan is the lending of money by one or more individuals, organizations, and/or other entities to other individuals, organizations etc.
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Matching principle
In accrual accounting, the matching principle states that expenses should be recorded during the period in which they are incurred, regardless of when the transfer of cash occurs.
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Net realizable value
Net realizable value (NRV) is a method of evaluating a fixed or current asset's worth when held in inventory, in the field of accounting.
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Revenue
In accounting, revenue is the income that a business has from its normal business activities, usually from the sale of goods and services to customers.
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United States dollar
The United States dollar (sign: $; code: USD; also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar) is the official currency of the United States and its insular territories per the United States Constitution since 1792.
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Write-off
A write-off is a reduction of the recognized value of something.
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Allowance for bad debts, Bad Debt, Bad debts, Doubtful debt, Problem loan, Reserve for bad debts.
References
[1] https://en.wikipedia.org/wiki/Bad_debt
