Accounting Glossary of Accounts

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Cash
The amount of cash held by an organisation
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Accounts Receivble
The amount owed to the organisation by the customers.
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Allowance for Doubtful Debts
The amount of Accounts Receivable the business estimates it will not collect from customers.
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Inventory
The value of a stock held by the organisation.
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Prepaid Expenses
The value of expenses paid in advance (ie. payment of rent before the premises has been used.
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Computer Equipemnt
The value of computer equipment held by the organisation.
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Accumulated Depreciation
The total amount of a depreciable asset consumed since it was first purchased (i.e. the total amount of depreciation calculated for a particular assent since it was acquired by the business)
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Morot Vehicles
The value of vehicles held by the organisation
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Accounts Payable
The amount owed by the business to suppliers.
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Bank Overdraft
The amount borrowed, using a bank overdraft facility, and still owing to the bank.
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Accrued Expenses
The amount owed for unpaid expenses (wages, electricity, telephone) at the end of the period.
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Unearned Revenue
The amount of money received from customers for work not yet performed.
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Loan Payable
The amount owed to lenders.
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Capital-Partner A
The value of a contributions by Partner A to the organisation.
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Retained Profit-Partern A
The partners she of current and previous year profits that the owner has not yet withdrawn from the business.
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Drawings-Partner A
The amount withdrawn, for personal use by partner A from his Retained Profit account.
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Sales Revenue
The total value of goods sold to customers in a given period. This revenue account is used by a retail entity.
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Fees Revenue
The total value of services provided to customers in a given time period. This revenue account is used by a service entity.
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Cost of Sales
The value to the organisation of goods sold to the customers (i.e what the organisation paid for the goods that it has sold to customers)
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Wages Expense
The total wages expense incurred in a given period.
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Depreciation Expense
The amound of an asset consumed (used up) in the current period (the decline in an assent value in the curent period)
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Doubtful Debts Expense
The amount of money owed to the business from current period credit sales that is not expected to be received (i.e. customers owe the money by do not pay)
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Other cards in this set

Card 2

Front

Accounts Receivble

Back

The amount owed to the organisation by the customers.

Card 3

Front

Allowance for Doubtful Debts

Back

Preview of the front of card 3

Card 4

Front

Inventory

Back

Preview of the front of card 4

Card 5

Front

Prepaid Expenses

Back

Preview of the front of card 5
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