Accounting Glossary

Set of concepts used to measure and report financial information.

• Activity

• Accounting

• Credit

• Cash

Business organization where ownership is represented.

• Employee

• Credit card

• Corporation

• Account

Financial statement that presents a firm's assets, liabilities.

• Cash

• Accounting

• Credit

• Balance sheet

Concept that relates to income from continuing operations

• Earnings

• Credit

• Cash

• Balance sheet

Planning tool that outlines the financial plans for an organization

• Credit card

• Budget

• Balance sheet

• Activity

Person who works for a specific business.

• Accounting

• Corporation

• Employee

• Auditing

Items acceptable to a bank for deposit and free from restrictions.

• Account

• Budget

• Credit card

• Cash

Record that is kept for each asset, liability, equity, revenue, expense.

• Credit

• Account

• Cash

• Budget

Economic resources owned by an entity.

• Account

• Balance sheet

• Assets

• Budget

Process used to allocate the cost of a long-lived property.

• Earnings

• Activity

• Depreciation

• Account