Brooke's Books Flashcards
(34 cards)
Accounts Payable
amounts due to vendors or suppliers for goods or services received that have not yet been paid for.
Accounts Receivable
the funds that customers owe your company for products or services that have been invoiced.
Aging Report
a record of overdue invoices from a specific time period that is used to measure the financial health of the company and its customers.
Asset
a useful or valuable thing, person, or quality
Balance Sheet
a statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period.
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a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.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
a financial transaction between two or more parties that involves the exchange of goods, money, or services.
Chart of Accounts
a financial, organizational tool that provides an index of every account in an accounting system.
Check Stub
attached to a check, and provides the detail regarding the amount paid.
Checkbook Reconciliation
A bank reconciliation is a process performed by a company to ensure that its records are correct.
Checkbook Register
to calculate a running balance of their checking account.
Closing Entries
a journal entry made at the end of accounting periods that involves shifting data from temporary accounts on the income statement to permanent accounts on the balance sheet.
Cloud Accounting
Cloud accounting refers to performing basic accounting tasks, like managing and balancing the books, using software that resides in the cloud and is often delivered in an as-a-service model.
Deposit Ticket
a small paper form that a bank customer includes when depositing funds into a bank account.
EFT
a small paper form that a bank customer includes when depositing funds into a bank account.
Entreprenuer
a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Equity
the quality of being fair and impartial.
Expense
the cost required for something; the money spent on something.
Fiscal Year
a year as reckoned for taxing or accounting purposes.
General Ledger
the main accounting record of a company or organization.
Income/Revenue
Revenue is the total amount of income generated by the sale of goods or services, while income is earnings or profit
In-Transit
your package is on its way to its final destination.
Journal Entries
a record of a business transaction in your business books.
Liability
the state of being responsible for something, especially by law.
