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Accounting Vocabulary Nov

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  • The process of assigning costs to particular cost centers or products.
    ALLOCATION
  • The money or other valuables that owners invest in a business.
    CAPITAL
  • The process of spreading the cost of an asset over its useful life.
    DEPRECIATION
  • The cost incurred by a company to produce or purchase the goods it sells.
    COST OF GOODS SOLD
  • The financial statement that shows the changes in a company's equity accounts.
    EQUITY STATEMENT
  • The amount of money left over after subtracting expenses from revenue.
    PROFIT
  • An accounting method that records revenues and expenses when they are earned or incurred.
    ACCRUAL
  • The process of examining and verifying a company's financial statements.
    AUDIT
  • Something valuable that an individual, corporation, or country owns or controls.
    ASSET
  • Amounts due to a company for goods or services provided but not yet paid.
    RECEIVABLE
  • A financial statement that shows a company's financial position at a specific date.
    BALANCE SHEET
  • The cost incurred by a company to generate revenue.
    EXPENSE
  • A financial document that outlines the planned expenses and revenues over a specific period.
    BUDGET
  • An individual or organization that owes money.
    CREDITOR
  • A financial statement that summarizes a company's revenues and expenses.
    INCOME STATEMENT
  • The money a business earns from its normal business activities.
    REVENUE
  • A record of financial transactions, often referred to as the book of original entry.
    JOURNAL
  • The process of calculating the total of a column of numbers.
    ADDITION
  • The process of keeping track of a company's financial transactions.
    BOOKKEEPING
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