This document defines various accounting terms related to assets, liabilities, equity, revenue, expenses, and financial statements. It explains key concepts like accounts payable, accounts receivable, accrual basis accounting, accrued assets and expenses, accumulated depreciation, adjusting entries, the difference between debit and credit, and types of financial statements. More accounting terms can be found at the provided URL.

1. _______Wish

2.  Accounts Payable: Accounts of money you owe. A
liability that is usually created when you've made a
purchase on credit.
 Accounts Receivable: Accounts of money owed to
you for the sale of goods or services.
 Accrual basis: A method of accounting where
transactions are recorded as they occur regardless of
when payment for that transaction is made or received

3. Accrued Assets: Assets from revenues
earned but not yet received.
Accrued Expenses: A liability
incurred during the accounting period
for which payment has not been made.
Accumulated Depreciation: The
running balance of the depreciation
taken on an asset.

4.  Accounts Receivable: Accounts of money owed
to you for the sale of goods or services.
 Aging: The grouping of like transactions by date.
Example - sorting invoices by due date.
 Adjusting Entries: Special accounting entries
that are made when you close the books at the end
of an accounting period to bring the ledger up to
date.

5.  Asset: Items that a business or individual
owns or are owed.
 Audit: The scrutinizing of accounting
records and supporting documents for
accuracy and completeness

6.  Bad Debt: An account or receivable that has
been deemed unrecoverable and written-off.
 Badwill (Negative Goodwill): The excess
amount of fair value of an asset or assets
over the purchase price.
 Balance Sheet: A statement listing the total
assets, liabilities, and owners' equity;
indicating the net worth of the company for
the given time period.

7.  .Bonds Payable: A long-term liability that represents
a promise to pay a sum of money plus interest at a
maturity date (a designated date in the future).
 Book Value of an Asset: Cost of the asset (the
amount that was paid for it) minus accumulated
depreciation

8.  Capital: The owner's or owners' rights to assets of a
business.
 Cash basis: An accounting method where
transactions are recorded when the actual change of
payment occurs, regardless of when the goods or
services are delivered.

9.  Cash equivalents: Highly liquid short-term
investments. Examples include money-market funds
and treasury bills.
 Certified Financial Statements: Financial
statements that have been audited and certified by a
CPA.
 Chart of accounts: A numerical listing of a business’s
accounts.

10.  Closing Entries: Journal entries made at the end of
the period to return the balance in all accounts to zero
and ready the account for the next reporting period..
 Contra account: An account that follows another
account and has a balance opposite of it. For example
accumulated depreciation is a contra asset account; it
would have a credit balance and be subtracted from
the asset's debit balance to obtain the book value or
carrying amount of the asset.

11.  Credit: An entry on the right side of an account -
decreases assets or increases liabilities.

 Debit: An entry on the left side of an account -
increases assets or decreases liabilities.

12. More terms here:
https://notesofwish.blogspot.com/
2018/04/accounting-terms.html
Depreciation: Dividends: Expenses: Extraordinary Gain or Loss:
Finished Goods Inventory: Fiscal: Form 941: Form 1099: General Ledger:
General partnership: Gross profit: Income statement: Intangibles:
Invoice: Journal: Just-in-Time: Ledger : Liability: Net sales:
Note payable: Operating Expenses : Owners' equity: Prepaid Expenses
Post: Purchase order: Retained earnings: Reversing Entry: Revenue:
Trial Balance: