Accounting Business Simulation Flashcards
(34 cards)
Accounts Payable
Current liability account that keeps track of money that you owe to any third party.
Accounts Receivable
Money owed to a company by its debtors.
Aging Report
A report that lists the outstanding invoice amounts and due dates of a company or a health care provider12345.
Asset
A useful or valuable thing, person, or quality
Balance Sheet
Also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity.
Bank Statement
A printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.
Business Transaction
Exchange of value, usually involving goods, money, or services, between two or more parties1234. It must be measurable in monetary terms and recorded for accounting purposes13. It can also refer to any arrangement that facilitates a transaction between persons, such as opening an account or acquiring a business5. A business transaction can be conducted online or offline2.
Chart Accounts
List of account names or codes that are used to record and classify transactions in a company’s accounting system
Check Stub
A check stub is attached to a check, and provides the detail regarding the amount paid. The contents of a check stub typically include the invoice number paid and the amount paid, which sums to a grand total paid.
Checkbook Reconciliation
A check stub is attached to a check, and provides the detail regarding the amount paid. The contents of a check stub typically include the invoice number paid and the amount paid, which sums to a grand total paid.
Checkbook Register
A checkbook register is a basic accounting tool that is pretty simple and straightforward to use. There are several benefits of owning and keeping a checkbook register—whether it is for personal use or for business reasons. First and foremost, a checkbook register is used to record or monitor financial transactions.
Closing Entries
Closing entries may be defined as journal entries made at the end of an accounting period to transfer the balances of various temporary ledger accounts to some permanent ledger account.
Cloud Accounting
Cloud accounting is hosted in the cloud, as a Software as a Service (SaaS). It provides real-time reporting and financial analysis, and can handle multiple types of transactions more efficiently.
Deposit Ticket
A deposit ticket is a paper slip that lists the currency and checks that are deposited into a bank account.
ETF
A trust Fund.
Entrepreneur
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Equity
It can refer to the value of the company after subtracting liabilities from assets234, the amount of shares that stockholders own or would receive if the company sold its assets and paid off its debts345, or the sense of justice and fairness that the company reflects in its values and practices1. Equity can be calculated based on the book value or the market value of the company.
Expense
The cost required for something; the money spent on something.
Fiscal Year
Fiscal is an adjective that means related to money, especially the money a government, business, or organization earns, spends, and owes. It can also refer to taxation, public revenues, or public debt5. Fiscal can describe policies, plans, requirements, or periods that involve finances or public revenue.
General Ledger
A general ledger is a recordkeeping system used to sort, store, and summarize a company’s financial transactions.
Income/Revenue
Income is often considered a synonym for revenue since both terms refer to positive cash flow; however, in a financial context, the term income almost always refers to the bottom line or net income since it represents the total amount of earnings remaining after accounting for all expenses and additional income.
In-Transit
In transit is a phrase that means in the process of being transported.
Journal Entries
Journal entries are how you record financial transactions. To make a journal entry, you enter details of a transaction into your company’s books.
Liability
Quality or state of being legally responsible for something
