by Lea Strickland | Jul 30, 2010 | Glossary
Report showing all the account activity for a period.
by Lea Strickland | Jul 30, 2010 | Glossary
Generally Accepted Accounting Principles – these are the principles, guidelines, and rules are that are the “agreed upon” methods for recording transactions, preparing financial statements, etc. The rules are not typically applied to closely held...
by Lea Strickland | Jul 30, 2010 | Glossary
Income statement account which shows the costs incurred to operate the business other than the cost of goods sold. Expenses are items like rent, administrative salaries and wages, payroll taxes, marketing and advertising expenses, etc.
by Lea Strickland | Jul 30, 2010 | Glossary
A balance sheet account that shows the ownership value of a company. Examples include Retained Earnings, Common Stock and Preferred Stock.
by Lea Strickland | Jul 30, 2010 | Glossary
The system of accounting that records the source and use of every transaction. Debits and credits are recorded for every transactions, so the amounts recorded must balance. Debits = Credits in every transaction recorded.
