Accounting Vocabulary Nov | Baamboozle - Baamboozle

English 19 Public

Accounting Vocabulary

Study Slideshow

#vocabulary #accounting #managerial accounting

Amounts due to a company for goods or services provided but not yet paid.

RECEIVABLE

15

A record of financial transactions, often referred to as the book of original entry.

JOURNAL

15

The process of calculating the total of a column of numbers.

ADDITION

15

The money a business earns from its normal business activities.

REVENUE

15

A financial statement that shows a company's financial position at a specific date.

BALANCE SHEET

15

The process of examining and verifying a company's financial statements.

AUDIT

15

The amount of money left over after subtracting expenses from revenue.

PROFIT

15

Something valuable that an individual, corporation, or country owns or controls.

ASSET

15

The cost incurred by a company to produce or purchase the goods it sells.

COST OF GOODS SOLD

15

A financial statement that summarizes a company's revenues and expenses.

INCOME STATEMENT

15

An accounting method that records revenues and expenses when they are earned or incurred.

ACCRUAL

15

A financial document that outlines the planned expenses and revenues over a specific period.

BUDGET

15

The process of assigning costs to particular cost centers or products.

ALLOCATION

15

The process of spreading the cost of an asset over its useful life.

DEPRECIATION

15

An individual or organization that owes money.

CREDITOR

15

The financial statement that shows the changes in a company's equity accounts.

EQUITY STATEMENT

15