Brooke's Books Flashcards
(34 cards)
Accounts Payable
When a company purchases goods on credit which needs to be paid back in a short period of time
Accounts Receivable
the money a company’s customers owe for goods or services they have received but not yet paid for
Aging Report
tells how long an invoice has been due for payment
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a printed record of the balance in a bank account and the amounts that have been paid into it and withdrawn from it, issued periodically to the holder of the account.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 a complete listing of every account in the general ledger of a company.
Check Stub
the part of a check that is kept by the payee with information such as the check number, date, and amount.
Checkbook Reconciliation
a summary of banking and business activity that reconciles an entity’s bank account with its financial records.
Checkbook Register
a document on which is stated the payment dates, check numbers, payment amounts, and payee names for all check payments.
Closing Entries
a journal entry made at the end of the accounting period whereby data are moved from temporary accounts to permanent accounts.
Cloud Accounting
has all the same functionality as desktop accounting, but moves the whole process to the cloud and expands upon it.
Deposit Ticket
a small paper form that a bank customer includes when depositing funds into a bank account.
EFT
An electronic funds transfer (EFT) is a digital transfer of cash through an online payment system.
Entrepreneur
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
the total amount of income generated by the sale of goods or services, while income is earnings or profit—revenue minus expenses.
In-Transit
in the process of being transported
Journal Entries
a concise record of all transactions a business conducts; journal entries detail how transactions affect accounts and balances.
Liability
the state of being responsible for something, especially by law.
