accounting basics 1
money that you earn by working, investing, or producing goods
income
money that you have to pay to the government from what you earn or when you buy things
tax
a person or company whose job is preparing the financial records of people, companies, or organizations
an accountant
a type of accounting that deals with providing financial reports about a company's profits, debts, cash flow, etc.
financial accounting
a book in which things are regularly recorded, especially business activities and money received or paid
a ledger
money that you get from selling goods or services for more than they cost to produce or provide
profit
money spent in carrying out a job, a business
expenses
someone whose job is to keep a record of all the money a company spends and receives
a bookkeeper
the process in which all the costs of a business activity or production process or activity are examined in order to help managers decide how to make profits or save money
cost accounting
a document that shows a company's profit or loss in a particular period
Profit&loss account (P&L)
amounts of money that a person or organization owes, debts
liabilities
amounts owed by customers to a company at a particular time and not yet paid
receivables
someone whose job is to carry out an official examination of the accounts of a business and to produce a report
an auditor
the activity of preparing and using financial information about a company in order to support management decisions
managerial accounting
a statement that shows the value of a company's assets and its debts
balance sheet
a payment to someone who sells goods that is directly related to the amount sold, or a system that uses such payments
commission
an amount of money paid for a particular piece of work or for a particular right or service
fee
a senior manager who is responsible for preparing a company’s financial reports and making certain that the company’s accounts are regularly checked and correct
a controller
accounting methods to prepare information on a person's income or a company's earnings for the tax authority
tax accounting
a document that shows the money coming into and going out of a company during a particular period
cash-flow statement
decrease in value of fixed assets
depreciation
decrease in value of intangible assets
amortization
the person in an organization who has the most important position with responsibility for the organization's finances
Chief Financial Officer (CFO)
a system that a business uses to record its financial situation, where each sum of money is shown as money received in one part and money spent in the other part
double-entry accounting
a document on which you report your income each year to calculate your taxes
tax return