Sales
Shows the date payment was made, the name of the person or business that paid and the amount paid
Receipt
A person who handles a broad range of responsibilities, makes business decisions, and prepares and interprets financial reports
Accountant
Accounting period that begins on January 1 and ends on December 31.
Calendar Year
A business owned by one person.
Sole Proprietorship
Documents that present summarized information about the financial status of a business. (i.e. Balance Sheets, Income Statements, Cash Flow Statements)
Financial Reports
A tax on a sale of merchandise or service.
Sales Tax
Responsible for record keeping for payroll, accounts receivable or accounts payable, usually requiring 1-2 years of education.
Accounting Clerk
The period of time covered by an accounting report
Accounting Period
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Entrepreneur
Reports net income or net loss financial information over a defined period of time
Income Statement
An organization that operated for purposes other than making a profit.
Non-profit
A licensed professional who has met certain education and experience requirements and passed a national test
CPA (Certified Public Accountant)
An accounting period of 12 consecutive months which CAN match the calendar year or not. Ex/ The State of North Carolina’s fiscal year begins on July 1 and ends the following June 30.
Fiscal Year
A business that operates to earn a profit for its owners.
For-profit Business
Summarizes what a business owns, what a business owes, and the current net worth on a specific date
Balance Sheet
Contains the date of the transaction, quantity, description and cost of each item and payment terms.
Invoice
An entry-level job that can vary from specializing in one part of the system (i.e. Purchasing or Accounts Payable) to doing a wide range of tasks
Accounting Clerk
The specific length of time (a month, a quarter, or a year) covered by the financial reports of a business.
Fiscal Period
A business organization made up of a group of people and recognized by law to act as its own single entity.
Corporation
Reports on a company’s cash flow activities into and out of the business.
State of Cash Flow
A computer used to collect, store and report all the information about a sales transaction
POS (Point of Sale)
A sale for which cash will be received at a later date.
Sales on Account
Activities performed in an accounting period that help the business keep its records in an orderly fashion
Accounting Cycle
A business owned by two or more persons, called partners, who agree to operate the business as co-owners.
Partnership
Reports the changes in the company’s equity throughout the reporting period