This
is a partial list of the accounting terms that will be available
to you after becoming a paid user.
Records
1 to 5 of 5
Term
Category
ACCOUNTING EQUATION
For Profit
The accounting equation is assets=liabilities+owner’s equity. This equation is the basis of a balance sheet.
ACCOUNTS PAYABLE
For Profit
It is also called A/P. Accounts payable are the bills a business owes to suppliers.
ACCOUNTS RECEIVABLE
For Profit
It is also called A/R. Accounts receivable are the amounts owed to a company by its customers.
ACCRUAL BASIS OF ACCOUNTING
For Profit
Accrual basis of accounting is based upon generally accepted accounting principles. It recognizes income when it is earned and not when it is received and recognizes expenses when they are owed and not when you pay them. Accrual basis of accounting includes accounts receivable, accounts payable, and inventory.
ACCRUED ASSETS
For Profit
These are assets from revenues earned but not yet received.
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first 5 terms are shown. Paid users have access to them all.
