Terms

Glossary Terms

Abolishment of Fund	Above the line
Absorption costing	Account Number
Accountant	Accountants' Report
Accounting	Accounting Change
Accounting clerk	Accounting cycle
Accounting equation	Accounting estimate
Accounting model	Accounting period
Accounts payable	Accounts payable subsidiary ledger
Accounts Receivable	Accredited Business Accountant
Accretive	Accrual Method
Accrual method of accounting	Accumulated depreciation
Accumulated earnings	Activity accounting
Activity-based costing	activity-based management
Actual(s)	Additional Paid in Capital
Adverse opinion	Affiliated Company
Agreed-upon procedures	Agreement
Allotment	Allowance for bad debts
Allowance for bad debts	Alternative Dispute Resolution
Alternative Minimum Tax	American Institute of Certified Public Accountants
American Tort Reform Association	An abbreviation of Free On Board
Analytical procedure	Annual Budget
Anti-dilution	Appropriation
Appropriation Account	Assertion
Assets	Assurance Services Executive Committee
Attestation (Assurance) Services	Attributes
Audit	Audit committee
Audit evidence	Audit Risk
Audit Sampling	Audit schedules
Auxiliary Enterprise	Aval
Avoidable cost	Bad debt
Bad debt expense	Bad debt recovery
Bad Debts Reserve Account	Balance sheet
Balanced scorecard	Bank discount
Bank reconciliation	Bank service charge
Bank statement	Bankrupt
Base Budget	Beginning inventory
Beneficial owner	Beta
Beta Alpha Psi	Big bath
Bill of lading	Bill of lading
Blanket authorization	Blanket Order
Blind trust	Blue Sky Laws
Board of Directors	Board of Examiners
Bond	Bond carrying value
Bond discount	Bond Funds
Bond maturity date	Bonded warehouse
Book Value	Book value per share
Bookbuild	Bookkeeping
Bottom line	Branch
Break Even	Budget
Budget Act	Budget Cycle
Budget Review	Budget Unit
Budgetary Savings	Buffer
Burn Rate	Business Combinations
Business matrix	Business Segment
Business transaction	Business Valuation
Buyer's market	Callable bonds
Capial infusion	Capital account
Capital budget	Capital expenditure
Capitalized Cost	Carryovers
Cash inflows	Cash method of accounting
Cash outflows	Certified Financial Planner
Certified Management Accountant	Certified public accountant
Change Book	Closed transaction
Closing the books	Collateralized Mortgage Obligation
Comfort letter	Commitments
Comparative Financial Statement	Compensating balance
Compilation	Compound Annual Growth Rate
Comprehensive Income	Conservatism
Consistency	Consulting Services
Continuing Professional Education	Contra Account
Control environment	Controller (or Comptroller)
Controlling account	Core Competency Framework for Entry into the Accounting Profession
Corporation	Cost management system
Cost of goods sold	Cost-benefit
Cost-of-Living Adjustments	Coupon bonds
Credit	Credit purchase
Credit sale	Current Assets
Current liabilities	Current ratio
Date of Auditors'/Accountants' Report	Days Sales Outstanding
Days Sales Outstanding	Days' inventory
Debenture	Debit card
Debit memo	Debt
Debt financing	Debt ration
Debt Service Fund	Debt to quity
Debtor	Declining-balance deprecation method
Deduction	Default
Defeasance	Deferred Charge
Deferred expenditure	Deferred income
Deferred Income Taxes	Deferred Maintenance
Deficiency	Deficit
Depletion	Deposit Method
Depreciation	Detection risk
Dilutive	Direct Costs
Direct write-off method	Disbursement
Disbursements	Disclaimer of Opinion
Disclosure	Disclosure principle
Discount	Discount Rate
Discussion Leader's Guide	Discussion Memorandum
Disposal value	Dissolution
Distributions	Dividend payout ratio
Dividends	Dividends in arrears
Documentary credit	Double-Entry Accounting
Dradt, demand ot sight	Drawee
Drawer	Drawing account
Drawings	Dual date
Dual-purpose test	Due Diligence
Dumping	Earnings management
Earnings per share	Earnings retention
Economic book value	Economic substance
Effectiveness	Electronic badge readers
Employee Benefit Plan	Employee's earnings record
Empowerment	Encumbrance
Ending inventory	Endowment
Engagement letter	Enrollment, Caseload, & Population
Entity	Entrepreneur
Environment	Equipment
Equity	Equity Method of Accounting
Equity Securities	Error of Ommission
Error of Original Entry	Error of Principle
Estimated Tax	Evidential Matter
Evidential Matter	Exchange gain or loss
Exclusions	Executive Order
Exemption	Expectation Gap
Expenditure	Expense accounts
External Reporting	Extramural Funds
Extraordinary Items	Face Value
Fair Market Value	Fair Market Value
Federal Deposit Insurance Corporation	Federal Funds
Federal Unemployment Tax Act	FICA (social security) taxes
Fictious name	Fiduciary
Final Budget	Finance charge
Financial accounting	Financial Accounting Foundation
Financial Accounting Standards Board	Financial Executives International
Financial Institution	Financial institution confirmation request
Financial position	Financial Schedule
Financial statements	First in, First out
Fixed assets	Fixed Fee
Fixtures & Fittings	Flexible budget
Flexible Life Insurance	Float
Floor	Flow of Funds
Flowchart	FOB destination
FOB Point of Origin	FOB shipping point
Foot	Foreign Corrupt Practices Act
Forensic accounting	Franchise
Fraud	Free enterprise system
Full Accounting Unit	Full disclosure
Fund	Fund Accounting
Fund Group	Future Contract
Gain	Gearing ratio
General Accounting Office	General Assistance
General Fund	General journal
General Ledger	General Ledger Engine
General Partnership	Generally Accepted Auditing Standards
Generally Accepted Auditing Standarts	Generation Skipping Transfer Tax
Gift	Global Depository Receipts
Going concern	Going Public
Goodwill	Government Accounting Standards Board
Government auditing standards	Governmental Accounting Standards
Grant Funds	Grantee
Grantor	Grants
Gross income	Gross loss
Gross margin	Gross margin method
Gross margin method	Gross profit
Gross Profit Margin on Sales	Gross sales
Group of 100	Growth and Acquisition
Guaranty	Hard costs
Hardware control	Harmonized system
Hash total	Hedge
Hedge fund	Hedges protect
Held to maturity	Held-to-maturity securities
Hire and Purchase Agreement	Historical cost
Historical exchange rate	Honorarium
Horizontal Financial Analysis	Hot Books
Image processing systems	Impersonal Accounts
Imprest petty cash fund	Imprest System
Improvement	Income accounts
Income statement	Income statement (statement of earnings)
Income Summary Account	Income Tax Basis
Incompatible duties	Incorporate
Incremental Budgeting	Indenture
Independence Standards Board	Independent
Indirect cost	Indirect Costs
Inflation	Inflation Adjustment
Initial Public Offering	Inland Revenue
Installment Sale	Instructor Dependent Plus Expenses
Intangible Asset	Integrated test facility
Intellectual Capital Statement	Interactive Data Extraction and Analysis
Interest	Interest rate
Interest-bearing note payable	Interim Financial Statements
Internal auditors	Internal control structure
Internal control weakness	Internal Rate of Return
Internal Revenue Bulletin	International Accounting Standards Committee
International Federation of Accountants	International Innovation Network
International Qualification Examination	Inventory
Investing activities	Investments
Invoice	Issue date
Issues Papers	Itemized deduction
Joint costs	Joint payee endorsement
Joint Stock Company	Joint Trial Board
Joint Venture	Journal
Journal entry	Journal Proper
Journalizing	Judgments
Junk bond	Just-in-time
KEOGH	Key Person Insurance
Kiting	Knowledge Management
Labor intensive	Landed Costs
Language Sheets	Lapping
Last-in, first-out	Lead schedule
Lease	Lease rate factor
Leasehold	Ledger
Ledger account form	Legacy System
Legislative Counsel	Lessee
Lessor	Letter of Authorization
Letter of Credit	Letters of Response
Leveraged Buy Out	Leveraged Buy-Out
Liability	License
LIFO Liquidation	LIFO Reserve
Limit test (limit check)	Limited liability
Limited Liability Company	Limited Liability Partnership
Limited-Term Position	Line positions
Liquidation	Liquidity ratio
Listing	Litigation Services
Litigation Support/Dispute Resolution	Loan-in-Process Account
Lockbox	Long-Term Debt
Long-term liabilities	Loss
Loss per share	Lower of Cost or Market
Maker	Management accounting
Management Control System	Management of an Accounting Practice
Management representation letter	Mandatory transfers
Manual accounting system	Marginal cost
Mark-to-Market	Market Adjustment-Trading Securities account
Market value	Matching principle
Material weakness	Materiality
Materials	Maturity date
Maturity value	Memorandum accounts
Merchandise inventory	Merger
Minor Capital Outlay	Minority interest
Misappropriate	Misstatement
Modified accelerated cost recovery system	Modified accrual basis
Monetary measurement	Mortgage payable
Moving average	Multiple-step income statement
Multiplier	Municipal Bond
Mutual Fund	Narrative
National Accreditation Commission	National Association of State Boards of Accountancy
National Credit Union Administration	Natural classification
Negative Assurance	Negative confirmation request
Negative pledge clause	Negligence
Net asset value	Net Lease
Net loss	Net of taxes
Net pay	Net profit
Net Profit Margin (NPM After Tax)	Net Profit Margin (NPM Pre-Tax)
Net purchases	Net realizable value of accounts receivable
Net realizable value of accounts receivable	Net sales
Net Worth	Nominal accounts
Nominal Ledger	Nominal value
Non-add	Non-Governmental Cost Fund
Non-value-added costs	Noncash transactions
Noninterest-bearing note payable	Nonsampling risk
Normalize	Normative accounting theory
Not-for-profit organization	Note payable
Note receivable	Notional
NSF check	Number of days' sales in receivables
Object Consolidation	Object Type
Objectivity	Obligations
Occurrence	Office of Management and Budget
On account	One-Write system
Open Market Value	Open transaction
Open-End Mutual Fund	Opening the books
Operating activities	Operating assets
Operating expense to sales	Operating Expenses and Equipment
Operating leverage	Opinion paragraph
Option	Ordinary Income
Ordinary Share	Organization
Organization cost	Organization for Economic Cooperation and Development
Original book of entry	Other Comprehensive Basis of Accounting
Other Post-Retirement Employee Benefit	Other revenues and expenses
Outstanding checks	Outstanding deposits
Outstanding shares	Overall review
Overhead	Overhead absorption
Overtime rate	Owner's equity
Packing credit	Paid in Capital
Par value	Parent company
Partnership	Partnership agreement
Partnership liquidation	Passive Activity Loss
Payback period	Peer Review
Pension	Per diem
Performance Budget	Performance View
Permanent (Budget) Revision	Permanent accounts
Perpetual	Perpetual inventory method
Personal Financial Planning	Personal financial statements
Personal interest tests	Personal Property
Phantom Income	Piecemeal opinion
Piggyback	Plan
Plan of Financial Adjustment	Pooling-Of-Interests
Positive confirmation (positive request)	Post-closing trial balance
Posting	Pre-encumbrance
Pre-payments	Preferred Stock
Prepaid Expense	Prepaid expenses
Prepaid income	Present value
Present value of an annuity	Price Elasticity
Price to Earnings Ratio	Prime Rate
Principal amount	Principal auditor
Private Placement	Pro Rata
Pro-forma accounts (pro-forma financial statements)	Production cycle
Proficiency	Profit and Loss Account
Profitability ratio	Programmatic Allocations
Projection	Promissory Note
Proposal	Proprietary asset
Proprietorship	Prospectus
Proving the ledger	Provision
Public Accountant	Public Entity
Publicly held corporation	Purchase method
Purchases account	Push-Down Accounting
Push-Pull Strategy	Put
Put option	Put warrant
Qualified Domestic Relations Order	Qualified opinion
Qualitative	Quality control
Quality Control Inquiry Committee	Quasi-Reorganization
Questionnaire	Quick ratio (or Acid Test Ratio)
Quote to cach	Rabbi trust
Random sample (random-number sampling)	Ratio analysis
Raw Materials	Real accounts
Real Estate Investment Trust	Reappropriation
Reasonable assurance (in audit report)	Reasonable assurance (in internal control)
Rebudget	Receipt
Receivables	Receivership
Recharge	Reconciliation
Reconciling the bank statement	Red herring
Redemption Value	Reference Code
Refinancing Agreement	Refund
Registered Investment Adviser	Registration rights
Regulatory Accounting Principles	Reimbursements
Reinsurance	Related parties
Related Party Transaction	Relevance
Relevant foreign currency	Reliable (reliability)
Remaining	Replacement value
Representation	Repurchase Agreement (Repos)
Research and Development	Reserve accounts
Reserve for bad debts	Residual income
Responsibility accounting	Restricted Assets
Restricted Funds	Restructuring
Retail inventory method	Retailer
Retained earnings	Retained earnings
Retention ratio	Return on assets
Return on equity	Return on investment
Return on sales	Return on stockholders' equity
Revenue	Revenue contract
Revenue recognition principle	Revenue Ruling
Reversing entry	Review
Revised Budget	Right to Setoff
Risk Advisory Services	Risk Management
Ruling	Run Rate

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