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Accounting Standard: For public accountants and accountants generally, a mode of conduct, imposed by custom, law, professional body. The term contrasts with accounting policy in that the latter is formulated and is observed within a particular enterprise.
Account Receivable: a claim against a debtor, generally on open account, its application usually limited to uncollected amounts of completed sale of goods and services; distinguished from deposits, accruals, and other items not arising out of everyday transactions.
Accountant: One skilled in accounting. A person who offers services professionally to the public pertaining to accounting. Also known as a public accountant.
Book: to record a transaction, make an entry.
Book of Account: any journal, register, or ledger which forms a part of a system of accounts. All of the books of original and final entry, and the invoices, vouchers, contracts, correspondence, and the like that result from the occurrence of transactions and the operation of a system of accounts, often shortened to books.
Book Profit: profit as shown by the books of account before verification or audit or as contrasted with "economic" profit or profit determined on some other basis. Profits based on book figures, especially in cases where book figures differ from actual cost.
Book of Final Entry: a record book in which the money amounts of transactions, accumulated according to a previously established classification of accounts, are transferred or posted; a ledger
Bookkeeper: One engaged in bookkeeping. The term is applied to a person who does all the bookkeeping of an enterprise, or whose work is specialized, such as one who maintains the general ledger or who works on accounts receivable. A bookkeeper may also be an accountant, if, in addition he/she prepares or supervises the preparation of financial statements from the accounts, designs and modifies the methods employed, or supervises transaction recording.
Book Surplus: Surplus (retained income) before giving expression to audit corrections, or before separating paid-in, earned and write-up elements. Surplus (retained income) as shown by the books, on a going-concern basis, as distinct from a figure that would result from putting the accounts on a liquidating or some no cost basis.
Capital: Goods produced and intended for further production. Or the amount invested in an enterprise-proprietorship, partnership, or corporation - by it's owners; paid-in capital. Or Legal Capital: that portion of stockholders' contributions allocated to capital-stock account by the board of directors, bylaws, articles of incorporation, or agreement with stockholders; stated capital. Or the amount so invested plus retained income (or earned surplus); net worth; net assets; stockholders equity.
Capital Asset: Fixed assets as a class. In this sense, the term is used in such expressions as "additions during the year to capital account". Or any permanent proprietorship account.
Capital Bonus: stock dividend; a British term.
Capital Budget: The portion of a budget, devoted to proposed additions to capital assets and their financing.
Cash Statement: a statement rendered periodically, often daily, to the management, usually showing the opening and closing balances of cash on hand and in each bank, summary of the receipts, and disbursements of the period or day, and particulars of deposits and withdrawals. The statement may be cumulative and may also contain an estimate of the resources and requirements of the immediate future.
Cash Receipts Journal: a journal in which cash receipts are entered chronologically. Some forms provide for a singe entry per day for cash sales and other types of receipts over which separate controls are maintained.
Cash Records: The records and evidences of the receipt, disbursement, deposits and withdrawal of cash. Cash records include cash-receipt, cash-disbursement, and petty-cash books, registers of receipts and disbursements; checkbooks, stubs, or register, canceled checks, copies of deposit slips, and receipt and disbursement vouchers and sub vouchers and their attachments.
Date of Acquisition: the effective purchase date of an asset. From the date of acquisition, the asset must appear in the accounts and in financial statements, and its gradual decline in usefulness (depreciation), if any, must be offset against it. Usually, this is the date title is acquired or the burdens of ownership are assumed and the asset is in possession.
Debit: the goods or benefit received from a transaction; a bookkeeping entry or posting recording the creation of or addition to an asset or an expense, or the reduction or elimination of a liability, credit valuation account, or item of net worth or revenue; am entry on the left side of an account; the amount so recorded. The balance of an asset, expense, or debit valuation account.
Debt-equity Ratio: long-term debt divided by stockholders' equity (net worth): the customary meaning of the term as viewed by market analysts. The amount owing to outsiders divided by stockholders; equity (net worth).
Head-end Business: property transportation in the form of mail, express, baggage, milk, etc., directly behind the locomotive of a passenger train.
Inadmitted Asset: (insurance accounting) any asset having or assumed to have little or no value in liquidation, under regulations prescribed in various jurisdictions; in reporting the financial position of an insurance company, such assets are segregated and deducted as a group, usually on the face of the report.
Ledger: a book of accounts; any book of final entry.
Double-entry bookkeeping: The method usually followed for recording transactions Formal bookkeeping records consist of journals, ledgers or their equivalent, and supporting documents and files. These records are necessary for the purpose of giving expression promptly, systematically, and conventionally to the thousands of transactions that even a relatively small organization enters into. The ultimate repository of the amounts one of the classified pages of a ledger on which appear dates, monetary amounts and other other essential transaction data
General Ledger: a ledger containing accounts in which all the transactions of a business enterprise or the accounting unit are classified either in detail or in summary form.
Idle-capacity cost: the variance attributable to the failure to utilize facilities at projected rates.
Idle Time: lost time of men or machines arising from lack of business or of material, a breakdown of equipment, faulty supervision, or other cause whether or not avoidable. In the distribution of labor and production-center costs, it may be accounted for in a separate operating-expense account and regarded as an item of overhead.
Income Earned: realized income. Income realized from services rendered.
Macro Accounting: a composite of accounts maintained by members of an industry, or maintained by members of an industry, or for the whole economic activity within a region or country, national accounting.
Outlay Cost: Cost represented by an expenditure of cash or transfer of property generally, any recorded cost, contrasting with imputed cost and opportunity cost.
Perpetual Budget: continuous budget.
Perpetual Inventory: a book inventory kept in continuous agreement with stock on hand by means of a detailed record that may also server as a subsidiary ledger where dollar amounts as well as physical quantities are maintained; Sections of the stockroom are inventoried at short intervals and the quantities or amounts or both are adjusted, where necessary, to the physical count.
Personal Liability: an amount owing by a natural person.
Personal Property: property or asset of a temporary and moveable character, as contrasted with real property, also known as personal.
Petty Cash (fund): a relatively small amount of cash on hand or on deposit, available for minor disbursements, and usually maintained under the imprest system.
Predetermined Cost: a cost ascertained in advance of the operation for which it is incurred.
Production Cost: Any cost contributing to a factor of production; a term largely confined to economic theory. Or the cost commonly identified with a manufacturing or processing operation's.
Profit: a general term for the excess of revenue, proceeds, or selling price over related costs; any pecuniary benefit arising from a commercial operation, from the practice of a profession, or from one or more individual transactions of any person; usually preceded by a qualifying word or phrase signifying the inclusiveness of the offsetting expense or cost, as "gross" or "net", according to and followed by an indication of the source and time covered, as "from operations for the year." Either the singular or the plural of the word may be used where two or more related transactions are considered together. Net income is now preferred as designation of the ending figure of an income statement,
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