General accounting

General accounting

Use this category for general accounting terms.

Industry: Accounting

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General accounting

account

Accounting; General accounting

Chronological record of changes in the value of an entity's assets, liabilities, and the owners' equity; each of which is represented by a separate page in the ledger. See also accounting equation ...

accounting equation

Accounting; General accounting

The basic tool of accounting, measuring the resources of the business and the claims to those resources: Assets = Liabilities+ Owner's Equity.

accounting equation

Accounting; General accounting

The relationship between assets, liabilities and ownership interest.

accounting cycle

Accounting; General accounting

The sequence of accounting activities performed during an accounting period.

amortization

Accounting; General accounting

Paying off a debt in regular installments over a period of time.

aging-of-accounts method

Accounting; General accounting

A way to estimate bad debts by analyzing individual accounts receivable according to the length of time they have been receivable from the customer.

capital lease

Accounting; General accounting

Lease agreement that meets any one of four criteria: (1) The lease transfers title of the leased asset to the lessee. (2) The lease contains a bargain purchase option. (3) THe lease term is 75% or ...