Terms starting with
Accrual
An accounting entry that records revenues earned or expenses incurred that haven’t been received or paid yet. Accruals ensure that financial statements reflect all relevant…
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The tools and processes a business uses to record, organize, and report financial data. It can be manual or digital, but it must support accurate…
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A record in the accounting system that tracks all financial activity related to a specific item, such as cash, inventory, or sales revenue. Each account…
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A formal examination of financial records, processes, and systems to ensure accuracy and compliance with accounting standards. Audits can be internal or conducted by external…
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Anything of value owned by a business that can generate future economic benefit. This includes cash, equipment, inventory, property, and receivables. Assets are listed on…
READ MOREAccrual Basis Accounting
An accounting method that records income and expenses when they are earned or incurred, not when money actually changes hands. This gives a more accurate…
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Money owed to a business by customers for products delivered or services provided on credit. It’s listed as an asset on the balance sheet. Managing…
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Money a company owes to suppliers or vendors for goods and services received but not yet paid for. It’s recorded as a liability on the…
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A specific time frame covered by financial reports, like a month, quarter, or year. It helps businesses track and compare performance over consistent intervals. Common…
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