Accounting Terminology Q-U

Accounting Terminology Q-U

Reconciliation:  It is the act of proving account balances. Your debits and credits are equal. Retained Earnings:  Accumulated earnings of the business minus the dividends. Revenue: The actual amount of money a company brings in during a particular time period; gross income. Shareholder Equity: Total assets minus total liabilities of a corporation or person. Single-Entry Bookkeeping: An accounting method in which transactions are recorded as a single entry. Statement of Account: It is a report indicating the account status of an agreement between creditors and…

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Accounting Termilogy L-P

Accounting Termilogy L-P

Liability: Money owed to creditors, vendors, etc. Liquid Asset: Cash or other property that can be easily converted to cash. Loan – money borrowed from a lender and usually repaid with interest Master Account:  an account on the general ledger that subtotals the “subsidiary accounts” assigned to it. Net Income: – Money remaining after all expenses and taxes have been paid. Non Cash Expense: – Recognizing the decrease in the value of an asset. Non-operating Income: Income generated from non-recurring transactions. Note:  A written agreement…

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Accounting Terminology F-J

Accounting Terminology F-J

Financial Accounting: Accounting focused on reporting an entity’s activities to an external party such as shareholders Financial Statement: A record containing the balance sheet and the income statement. Fixed Asset: It is long-term tangible property such as buildings, land, computers and vehicles. General Ledger: a record of all financial transactions within an entity Goodwill: An intangible asset reflecting the value of an entity in excess of its tangible assets Income Statement:  A summary of income and expenses. Inventory: Merchandise purchased for resale at a profit.…

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Accounting Terminology A-E

Accounting Terminolgy A-E

Accounting: The process of identifying, measuring, and reporting financial information of an entity Accounting Equation: Assets = Liabilities + Equity Accounts Payable:  Money that is owed to creditors, vendors, etc. Accounts Receivable: money owed to a business, i.e. credit sales Accrual Accounting: a method in which income is recorded when it is earned and expenses are recorded when they are incurred, all independent of cash flow Accruals: a list of expenses that have been incurred and expensed, but not paid or a list of sales that…

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IFRS

IFRS – International Financial Reporting Standards

IFRS are standards and principles that are used in the preparation of financial statements set by the International Accounting Standards Board in 2001. The IFRS uses the principle of the Accrual basis which recognizes transactions when they occur, not when funds are received or paid out for the transaction and the Going concern which assumes that an organization will continue operations in the future. The IFRS states that financial statements should consist of a Balance Sheet which is used to show the financial position of…

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Other Accounting Institutes

Other Accounting Institutes

F Fiji: Fiji Institute of Accountants Level 3 Fiji Teachers Union Building No 1-3 Berry Road P O Box 681, Suva Tel: 679-3305.807 Fax: 679-3305.588 E-Mail: fia@connect.com.fj Website: http://www.fia.org.fj/ M Mongolia: Mongolian Institute of Certified Public Accountants P O Box 755 Ulaanbaatar 44 Chingeltei district, 3rd khoroo Bldg of MonICPA Tel: (976-1) 310 449 Fax: (976-1) 310 449 E-Mail: monicpa@mongolnet.mn Website: http://www.monicpa.mn/ S Solomon Islands: Institute of Solomon Islands Accountants Address: c/o Coopers Price Waterhouse Office P O Box 70 Honiara Tel: (677) 22509 Fax:…

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Accounting Termilogy L-P

USA Accounting Institutes

F Florida: Florida Institute of Certified Public Accountants 325 W. College Avenue Tallahassee, FL 32301 (850) 224-2727 or (800) 342-3197 (in Florida only) Email: msc@ficpa.org Website:http://www.ficpa.org/ficpa/Home P Pennsylvania: Pennsylvania Institute of Certified Public Accountants 1650 Arch Street, 17th Floor Philadelphia, PA 19103 Phone: (215) 496-9272 Toll Free (in Pa. only):(888) 272-2001 Fax:(215) 496-9212 Email: info@picpa.org Website: http://www.picpa.org/ W Wisconsin: Wisconsin Institute of Certified Public Accountants 235 N. Executive Drive P.O. Box 1010 Brookfield, WI 53005 Phone: Toll-free: (800) 772-6939 In Wisconsin: (262) 785-0445 Fax: (262)…

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Other USA Accounting Organizations

Other USA Accounting Organizations

C Connecticut: Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk, Connecticut 06856-5116 Telephone: (203) 847-0700 Fax: (203) 849-9714 Website: http://www.fasb.org/ F Florida: Polaris International 9200 South Dadeland Boulevard, Suite 510 Miami, FL USA 33156 (Tel) +1 305 670 0580 (Fax) +1 305 670 3818 Email: julio@accountants.org Website: http://www.accountants.org

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USA Accounting Societies

USA Accounting Societies

A Alabama: Alabama Society of Certified Public Accountants P.O. Box 5000 Montgomery, AL 36103 Toll Free:1-800 / 227 – 1711 E-mail: dtrotter@ascpa.org Website: http://www.ascpa.org/ Alaska: Alaska Society of Certified Public Accountants 341 W. Tudor Road, #105 Anchorage, Alaska 99503 Phone: 907-562-4334 Fax: 907-562-4025 Toll Free: 1-800-478-4334 Website: http://www.akcpa.org/ Arizona: Arizona Society of CPAs 4801 E. Washington St.Suite 225-B Phoenix, AZ 85034 Phone: (602) 252-4144 (888) 237-0700 – AZ Toll Free Fax: (602) 252-1511 Website: http://www.ascpa.com/ Arkansas: Arkansas Society of Certified Public Accountants Phone: 501-664-8739 Email:…

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USA Accounting Associations

USA Accounting Associations

C California: Association of Latino Professionals in Finance and Accounting 801 South Grand Avenue, Suite 650 Los Angeles, CA 90017 Telephone: (213) 243-0004 FAX: (213) 243-0006 Email: webmaster@nationa.alpfa.org Website: http://www.alpfa.org/ California: American Finance Association Haas School of Business University of California Berkeley, CA 94729-1900 Tel: +1 800 835 6770 Fax: +1 781 388 8232 Email: pyle@haas.berkeley.edu Website: http://www.afajof.org/ F Florida: American Accounting Association 5717 Bessie Drive Sarasota, FL 34233-2399 Phone: (941) 921-7747 Fax: (941) 923-4093 Email:office@aaahq.org Website: http://aaahq.org/ Florida: Association of Chartered Accountants in the…

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