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Term
Category
ACCOUNTING EQUATION
Non Profit
The equation is as follows: assets=liabilities+net assets. The equation is the basis of a statement of financial position for a non-profit organization. The equation for a balance sheet of a state and local government and a college and university is: assets=liabilities+fund equity or fund balance.
ACCOUNTS PAYABLE
Non Profit
It is also called A/P. Accounts payable are the bills a non-profit organization or a municipality or a college and university owes to suppliers.
ACCOUNTS RECEIVABLE
Non Profit
It is also called A/R. Accounts receivable are the amounts owed to a non-profit or a municipality or a college and university by its customers. A municipality has customers in their enterprise fund activity. A college and university have customers in their auxiliary enterprise activity.
ACCRUAL BASIS OF ACCOUNTING
Non 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
Non Profit
These are assets from revenues earned but not yet received.
Only the
first 5 terms are shown. This is a partial list of the 223
accounting terms available to paid users.
