Accounting

Your Success is my Success Dr. Walid Bayoumi



GLOSSARY

(A)

Abbreviation

Accelerated depreciation

Account

Accounting

Accountant

Accounting records

Accounts deemed uncollectible

Accounts receivable

Accrual basis of accounting

Accrued expenses

Accrued interest payable

Accrued interest receivable

Accumulated depreciation

Additions

Adjusting trial balance

Adjusting entries

Adjustments

Administrative expenses

Aging schedule

Allowances for doubtful (uncollectible) accounts

Assets

(B)

Bad debt

Bad debts expense

Balance sheet (B/S)

Beginning inventory

Betterments

Bond

Book value

Bookkeeping

Buyer

(C)

Capital

Capital assets

Capital expenditure

Carrying value

Cash

Cash on hand

Cash at bank

Cash basis of Accounting

Cash discount

Charge





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Closing entries

Commission

Company

Contra account

Contra asset account

Contingent liability

Corporation

Copyright

Cost

Cost of goods available for sale

Cost of goods purchased

Cost of goods sold

Cost of installing and testing a machine

Credit balance

Credit memorandum (memo)

Credit period

Credit term

Creditors

Current assets

Current liabilities

Customers

Cash receipts

Cash collections

Cash payments

(D)

Debit balance

Debit memorandum (memo)

Debtors

Depreciable amount

Depreciable asset

Depreciation

Depreciation expense

Disclosure

Discount

Discounting a note receivable

Discount rate

Discount period

Dishonored note

Disposal

Dissimilar assets

Drawls - drawings

Duration of note

(E)

Enterprise

Ending inventory



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Equity

Estimated useful life

Exchange of assets

Expense

Extraordinary items

(F)

Face value

Fees

Financial statements

Fiscal year

Firm

Furniture

Fixtures

Fixed assets

FOB destination

FOB shipping point

Franchise

Freight-in

Freight-out



(G)

General Journal

General ledger

Generally Accepted Accounting principles(GAAP)

Goodwill

Gross income

Gross Profit

(H)

Historical Cost Principle

(I)

Inadequacy

Income before extra-ordinary items

Income from operation

Income statement

Income summary account

Indirect expenses

Initial cost of an asset

Instructions

Insurance expense

Intangible assets

Interest rate

Inventory

Invoice







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(J)

Journal

Journal entry

(L)

Land held for future use

Land improvements

Ledger

Legal fees

Lease

Liabilities

Long-term investments

Long-term liabilities

Losses

Lower-of-cost-or market method (LCM)

(M)

Machines

Marketable equity securities

Market interest rate

Market value

Matching principle

Maturity value

Merchandise

Merchandise in transit

Mortgage payable

Multiple step income statement



(N)

Natural resources

Net cost of purchases

Net Income

Net loss

Net Profit

Net purchases

Net realizable value

Net sales

Note

Notes receivable

Notes receivable discounted

Notes payable

(O)

Obsolescence

Office salaries expense

Office supplies expense





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Operating expenses

Ordinary repairs

Organization costs

Original cost

Owner’s equity

(P)

Partnership

Partner

Patent

Payee

Periodic inventory system

Perpetual inventory system

Plant and equipment

Prepaid expenses

Prepaid insurance

Prepaid rent

Proceeds

Profit

Promissory note

Single proprietorship

Purchases

Purchases discount

Purchase invoice

Purchase returns and allowances

(Q)

Quantity

(R)

Real accounts

Rent expense

Research and development costs

Retailer

Retained earnings (RE)

Revenue

Revenue expenditure

Revision of depreciation rates

Residual value

(S)

Salaries expense

Sales

Sales discount

Sales invoice

Sales on credit

Sales returns and allowances

Sales revenue





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Sales salaries expense

Salvage value

Service company

Schedule

Similar assets

Statement

Statement of owner’s equity

Stockholders’ equity = shareholders’ equity

Store supplies expense

Straight-line method (SLM)

Sum-of-the-years’-digits method (SYD)

Supplier

(T)

Tangible assets

Taxes payable

Temporary investments

Trade receivable

Trade name

Trademark

Trade discount

Transactions

Transportation-in

Transportation-out

Trial balance

(U)

Unclassified balance sheet

Unclassified income statement

Unsatisfactory merchandise

Uncollectible

(V)

Value

Valuation

Volume of business

(W)

Wages

Wages expense

Wages payable

Wholesaler

Withdrawals

Work sheet

Written off - write off

(Y)

Yield

(Z)



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Zero balance









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