General accounting

General accounting

Use this category for general accounting terms.

Industry: Accounting

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General accounting

ledger

Accounting; General accounting

A ledger is the principal book or computer file for recording monetary transactions by account, with debits and credits in separate columns and a beginning balance and ending balance for each ...

mark-to-market accounting

Accounting; General accounting

Mark-to-market or fair value accounting refers to accounting for the "fair value" of an asset or liability based on the current market price.

fair value

Accounting; General accounting

The amount at which an asset or liability could be exchanged in an arm's-length transaction between a willing buyer and a willing seller.

System of accounting records developed by every organization to be compatible with its particular financial structure, and in agreement with the amount of detail required in its financial statements. ...

convergence of accounting standards

Accounting; General accounting

The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally.

general journal

Accounting; General accounting

The general journal is where double entry bookkeeping entries are recorded by debiting one or more accounts and crediting another one or more accounts with the same total amount.

special journals

Accounting; General accounting

Special Journals are designed to facilitate the process of journalizing and posting transactions. They are used for the most frequent transactions in a business.