Term
|
Definition
| Accounting that recognizes revenues and expenses as they occur, even though the cash receipt from the revenue or the cash disbursement related to the expenses may occur before or after the event that causes revenue or expense recognition. |
|
|
Term
|
Definition
| A record in which transactions affecting individual assets, liabilities, owner's equity, revenues, and expenses are recorded. |
|
|
Term
|
Definition
| The arimetic sum of the additions and subtractions to an an account through a given date |
|
|
Term
|
Definition
| A liability representing an amount payable to another entity usually because of the purchase of merchandise or a service on credit. |
|
|
Term
|
Definition
| The process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements. |
|
|
Term
|
Definition
| A change in the application of an accounting principle. |
|
|
Term
|
Definition
Assets = Liabilities + Owner's Equity (A = L + OE)
The fundamental relationship represented by the balance sheet and the foundation of the bookkeeping process. |
|
|
Term
|
Definition
| A liability representing an amount payable to another entity, usually because of the purchase of merchandise or services on credit. |
|
|
Term
|
Definition
| An asset representing a claim against another entity usually arising from selling goods or services |
|
|
Term
ACRS
Accelerated Cost Recovery System |
|
Definition
| The method described in the Internal Revenue Code for calculating the depreciation deduction (1981-1986) |
|
|
Term
| Accelerated Depreciation Method |
|
Definition
| A depreciation calculation method that results in greater depreciation expense in the early periods of an assets life than in the later periods of its life. |
|
|
Term
|
Definition
| The process of recognizing revenue that has been earned but not collected, or an expense that has been incurred but not paid. |
|
|
