Glossary of accounting terms and definitions pdf files

An aggregation of actions performed within an organization that is useful for purposes. Dec19 this glossary contains definitions of nearly 200 accounting, financing, and investing terms commontly used in aviation financial analysis. Accounting period expenditure and revenue measurement within a predetermined time frame. We have attempted to include the major terms and abbreviations used when discussing taxation issues. There is no need to memorize each term and its definition verbatim, but you should at least know what each terms means along. Terms and definitions page 21 gao05734sp budget glossary budget authority may be classified by its duration 1year, multipleyear, or noyear, by the timing provided in the legislation current or permanent, by the manner of determining the amount available definite or indefinite, or. The use of ascii also allows for data files generated by one type of program i. This glossary contains over 200 entries covering many essential auditing terms that often appear in audit reports produced by our. Glossary of terms oracle glossary 5 p a g e costing.

Glossary of defined terms this glossary contains all terms defined in the 31 accrual basis international public sector accounting standards ipsass approved as at december 31, 2009. Oracle glossary of terms office of information technology. Accounting accounting is a difficult term to define. Glossary of frequently used billing and coding terms accountable care organization aco. Consolidated glossary this glossary is a compilation of all terms presented in statements of federal financial accounting standards. Noncurrent assets any asset that does not meet the definition of a current asset. Glossary of aviation finance terms william gibson, airbusiness academy 1 rev. Related party transactions a term used to define the close relationship. Poverty defined with respect to an absolute material standard of living. The nysscpa has prepared a glossary of accounting terms for accountants and journalists who report on and interpret financial information. Generally accepted accounting principles gaap conventions, rules, and procedures necessary to define accepted accounting practice at a. Telecommunications glossary 3 adpcm adaptive differential pulse code modulation. Glossary of acquisition terms advance payments for a payment made before any performance of work under a noncommercialitem noncommercial contract.

General accounting terms and definitions accounting cycle composed of several accounting periods spanning over twelve consecutive months. Accounting period any period of time utilised to measure accounting performance e. The nysscpa has prepared a glossary of accounting terms for accountants and. All potential purchasers must sign a confidentiality agreement. Section one covers accountancy terms that are used in the farms financial accounts.

Let us walk you through all the basics that you need know. The different types of management accounts are covered in section six. It terms glossary information technology definitions. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Here is big red books definition of common accounting terminology. In this spirit, weve compiled this handy guide to the most commonly used accounting terms for your reference. State board of accounts glossary of accounting and audit terms. Using oracle payroll, you can calculate and transfer costing information to your general ledger. Accounting period expenditure and revenue measurement within a pre determined time frame. Subsequent to the development of version 0 standards, new definitions have been developed and.

The following terms and definitions are defined as they relate to indots administration of the fta section 5311 program. As noted in the preface to gaos glossary, that publication fulfills part of gaos responsibility 31 u. The bureau is publically sharing it in an effort to further the accessibility of financial information to limited english proficiency persons. Learn about common it terms, technical jargon and information technology definitions in our comprehensive glossary. Accounting is a dynamic area with a vocabulary that is constantly changing. Where accounting terms have not been defined in the pronouncements of the international auditing and assurance standards board, reference should be made to the glossary of terms published by the international accounting standards board.

Accounting termsaccounting dictionaryaccounting glossary. Wright, director of the thomas willing institute for the study of financial markets, institutions, and regulations and the nef family chair of political economy, augustana college sd this work is not ed. Where terms have been quoted directly from another resource, such as the american public transportation association apta, federal tr ansit administration fta, etc. He is the sole author of all the materials on accountingcoach. Phone 2015680249 glossary of utility finance and accounting terms used in our seminars letters in parenthesis, preceding the definition, identify the sources used in compiling the glossary. Dedicated channels giving nondiscriminatory access to a local cable system by the public, government agencies or educational institutions.

A priority listing made up of statements of accounting principles issued by the aicpa american institute of certified public accountants and fasb financial. Accounting glossary center for nonprofit excellence. State board of accounts glossary of accounting and audit. A list of these ipsass is located on the inside back cover of the glossary. Method of reporting financial activity of a business financial transactions recorded in an. Non current assets any asset that does not meet the definition of a current asset. Glossary of aviation finance terms airbusiness academy. Financial accounting is charged with the primary responsibility of external reporting.

Defined terms definitions e the general and subsidiary ledgers, journal entries and other adjustments to the financial statements that are not reflected in journal entries. Account a fiscal and accounting entity with a selfbalancing set of general ledger codes in which cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, are recorded and. An organization might use the cash, modified accrual, or accrual basis of accounting. Bookkeeping and accountancy deal with maintaining record of all the transactions that a businessindividual makes. This glossary provides definitions for human resources terms used by division of personnel management. The basis of accounting under which revenues are re corded when earned and expenditures are recorded as soon as they. The bureau is publically sharing it in an effort to further the accessibility of financial information to limited english proficient persons.

Words in bold indicate that such a definition is available. Accounting terminology can be quite a mouthful and hard to remember, especially if you dont have much prior experience with financial or management accounting. The guide is an important resource that will help to create a much greater understanding of. Glossary of frequently used billing and coding terms. Florida department of financial services flair procedures. Generally, the least preferred method of contract financing. The cfpbs glossary of english chinese financial terms. Most of the terms from the 2010 version of the glossary remain, but a number of terms have updated definitions in order to remove inconsistencies among the communities. Accounting terminology guide over 1,000 accounting and.

Gj a book or original entry in a doubleentry system. Committee on national security systems cnss glossary. This article is an attempt to create a glossary of financial terms, which is both compact as well as comprehensive. Glossary of selected governmental accounting and financial terminology page 1 a accounting system.

Italicized terms within the definitions are themselves defined elsewhere in the glossary, for crossreference. Glossary of accounting terms and definitions wealth how. When using the doubleentry accounting method there will be two recorded entries for every transaction. The glossary contains definitions of accounting, reporting, and auditing terms that. Glossary of financial accounting terms pearson education. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. The users of information generated by financial accounting, like bankers, financial institutions, regulatory authorities, government, investors, etc.

The terms relate to the concepts, classifications, and accounting framework of the nipas, the general sources and methods used to prepare the nipa. Financial statements documents presenting accounting information. Glossary of financial terms and definitions wealth how. It is intended that this document will be updated as terminology, policies, statutes, codes, rules, and regulations are added, deleted, or changed. Glossary of terms used in nerc reliability standards. Tax on the value of a decendents taxable estate, typically defined as the. Basis of accounting rule or rules used to determine the point in time when assets, liabilities, revenues, and expenses expenditures should be measured and recorded as such in the accounts of an entity.

Glossary of cost accounting terms established in sffas 4, managerial cost accounting concepts and standards for the federal government activity the actual work task or step performed in producing and delivering products and services. Glossary of important business, economic, and financial history terms by robert e. The record of journal entries appearing in order by date. A service that oversees, measures, and evaluates financial information for decision making purposes. However, it is formally defined by the american accounting association as the classification and recording of monetary transactions, the presentation and interpretati on of the results of those transactions in order to assess performance. Closedout loan loans that are fully repaid andor prepaid.

This glossary contains nontechnical descriptions of all the terms in economics for everyone highlighted in small capitals. The cfpbs glossary of english spanish financial terms. Glossary of financial accounting terms the definition of one word or phrase may depend on understanding another word or phrase defined elsewhere in the reference list. A taxpayer, whether business or individual, must file a request on a form. As cloud accounting providers, we feel strongly about eliminating jargon and making accounting simple and accessible for everyone. Accounting terminology guide over 1,000 accounting and finance terms. The assistance agreement includes the terms of the purchase of assets and assumption of liabilities. Collective loss allowance an allowance for existing probable losses resulting from risks that. The wealthhow article below provides a glossary of accounting terms and definitions that are most commonlyused. California family law code 760 defines community property as except as otherwise provided by statute, all property, real or personal, wherever situated, acquired by a married person during the marriage while domiciled in this state is community property. Most of the terms identified in this glossary were adopted as part of the development of nercs initial set of reliability standards, called the version 0 standards. The glossary working group set several overall objectives for itself in producing this.

This information is proprietary, privileged and confidential and should not be distributed electronically or in any other means to those unauthorized to view university of illinois advancement content. An accounting entry that may either decrease assets or increase liabilities and equity on the companys balance sheet, depending on the transaction. Money owed by the business debts, accounts payable a. Accounts payable sundry creditors short term or current financial obligations that are created through the purchase of merchandise, or obtaining of service. Accounting terminology paul martin chartered accountant ltd. The purpose of this glossary is to promote familiarity with this terminology for those who do not work with tax issues every day. However knowing what these terms mean is critical to understanding the performance of your business. An aggregation of actions performed within an organization that is useful for purposes of activitybased costing. A record that holds the results of financial transactions.

Supportive services shall not meet the definition of. Some refer to the journal as the book of original entry, since the entries are first recorded in a journal. This glossary does not include terms defined in the cash basis ipsas, financial. From the journal the entries will be posted to the designated accounts in the general ledger. Account a fiscal and accounting entity with a selfbalancing set of general ledger codes in which cash and other financial resources, together with all related liabilities and residual equities or balances, and changes therein, are recorded and segregated for the purpose of carrying on specific. Having launched it originally in 2004 we have now updated it with modern terminology to meet with the increasing demand for the book. Accounting equation the relationship between assets, liabilities and ownership interest. Accounting introduction naccounting is the art of identifying, measuring, recording, and communicating economic information about an organisation or other entity, in. Page 1 of 5 glossary of cost accounting terms established in sffas 4, managerial cost accounting concepts and standards for the federal government activity the actual work task or step performed in producing and delivering products and services. Cash equivalents shortterm, highly liquid investments that are. This glossary of common financial terms was created and is used by the bureau for translating consumer education materials from english to chinese. This glossary of common financial terms was created and is used by the bureau for translating consumer education materials from english to spanish.

Accelerated depreciation the practice of depreciating an asset more in earlier than in later years. Finding an integrated list of financial terms and definitions is only comprehensively possible with the aid of a financial dictionary. The total structure of records and procedures which discover, record, classify, and report information on the financial position and operations of a governmental unit or any of its funds, balanced account groups, and organizational components. Sections two to five cover terms specific to management accounts. Corporations currently operate on a fiscal year beginning on july 1st and ending june 30th. The equation that is the basis of the balance sheet.

The terms defined on this page have all appeared in past cpa exam questions, so they are worth knowing if you are studying for the auditing exam. Whether you are an analyst, business person or accounting student, audit the records of a corporation, a business manager, or balance your own checkbook, you will find the ventureline accounting dictionary of accounting terms of immeasurable assistance. This dictionary provides a basic vocabulary of terms used in accounting, from personal. We have written this a to z guide to help you to understand some of the terms you will come across when you buy a house, go into business, take out insurance, invest your money and do all. Glossary of business financial terms 1 glossary of business financial terms accrual basis accounting. Hrms recording the costs of an assignment for accounting or reporting purposes. However, in the event this document is not updated timely, the relevant new or updated. Click one of the letters above to advance the page to terms beginning with that letter.

November 2019 this glossary presents the definitions oferms t that are associated with the u. Accounting terms accounting dictionary accounting glossary largest online accounting dictionary over 4,200 accounting terms. The definitions provided in this glossary are brief. It builds on the environmental accounting glossary prepared in 20 by wassim youssef, volunteer of the said division. This glossary contains all terms defined in the 24 accrual basis international public sector accounting standards ipsass on issue as at december 31, 2006. Employee benefit plan authorized by internal revenue code section 401 k, whereby an employer establishes an account for each participating employee and each participant elects to deposit a portion of his or her salary into the account. Harold averkamp cpa, mba has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Glossary of forensic accounting terms and explanation of.