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19 relations: Account (bookkeeping), Accounting period, Accrual, Adjusting entries, Asset, Balance sheet, Basis of accounting, Deferral, Deferred income, Depreciation, Expense, FIFO and LIFO accounting, Income statement, Insurance, Inventory, Liability (financial accounting), Provision (accounting), Revenue, Revenue recognition.
Account (bookkeeping)
An account (in book-keeping) refers to assets, liabilities, income, expenses, and equity, as represented by individual ledger pages, to which changes in value are chronologically recorded with debit and credit entries.
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Accounting period
An accounting period, in bookkeeping, is the period with reference to which accounting books of any entity are prepared.
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Accrual
Accrual (accumulation) of something is, in finance, the adding together of interest or different investments over a period of time.
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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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Asset
In financial accounting, an asset is an economic resource.
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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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Basis of accounting
A basis of accounting can be defined as the time various financial transactions are recorded.
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Deferral
A deferral, in accrual accounting, is any account where the asset or liability is not realized until a future date (accounting period), e.g. annuities, charges, taxes, income, etc.
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Deferred income
Deferred income (also known as deferred revenue, unearned revenue, or unearned income) is, in accrual accounting, money received for goods or services which have not yet been delivered.
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Depreciation
In accountancy, depreciation refers to two aspects of the same concept.
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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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FIFO and LIFO accounting
FIFO and LIFO accounting are methods used in managing inventory and financial matters involving the amount of money a company has to have tied up within inventory of produced goods, raw materials, parts, components, or feed stocks.
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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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Insurance
Insurance is a means of protection from financial loss.
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Inventory
Inventory (American English) or stock (British English) is the goods and materials that a business holds for the ultimate goal of resale (or repair).
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Liability (financial accounting)
In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.
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Provision (accounting)
In financial accounting, a provision is an account which records a present liability of an entity.
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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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Revenue recognition
The revenue recognition principle is a cornerstone of accrual accounting together with the matching principle.
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