by Lea Strickland | Jul 31, 2010 | Glossary
Accounts and wages payable, accrued rent and taxes, trade debt, and short and long-term loans. Owners’ equity also is termed a liability because it is an obligation of the firm to its owners. Liabilities are entered on the right hand-side of the page in a...
by Lea Strickland | Jul 30, 2010 | Glossary
Also known as cash basis, it is an accounting method that recognizes income when cash is received and expenses when the payment is made.
by Lea Strickland | Jul 30, 2010 | Glossary
An organized set of manual and computerized accounting methods, procedures, and controls established to gather, record, classify, analyze, summarize, interpret, and present accurate and timely financial data for management decisions and transactions.
by Lea Strickland | Jul 30, 2010 | Glossary
An accounting term for an entry into the accounting system that adjusts the balance of an account. The entry consists of debits and credits that must balance. Journal entries are typically made to record non-transactional events in the financial position of the...
by Lea Strickland | Jul 30, 2010 | Glossary
A company’s revenues such as services, grants, sale of goods. Income accounts are on the profit and loss statement.
