The Accounting Profession
A bookkeeping system in which every business transaction affects two or more accounts and total debits must equal total credits.
Double-Entry System
A business form owned by one individual and not incorporated.
Proprietorship
The process and function of recording business transactions, analyzing business records and reports, and producing reliable information. The accounting profession comprises varied fields of specialization.
Accounting
An individual record for each account a business uses to record its business transactions.
bookkeeping account
A business’s total of cash, possessions, and purchased rights.
Assets
The discipline of preparing and filing tax forms required by various government agencies.
Tax Accounting
An incorporated business owned by one or more individuals.
Corporation
The exchange of merchandise, property, or services for cash or a promise to pay.
Business Transaction
The amount owed to a supplier for purchases on open account
Account Payable
An owner’s financial interest in a business. It represents the assets remaining after liability claims have been satisfied.
Equity
A review of a company’s operations to determine compliance with management policies.
Internal auditing
Estimating a company’s future performance in the form of a plan called the budget.
Budgeting and Forecasting
The initial phase of accounting; its primary function is to record business transactions.
Bookkepping
The amount due from customers for sales of goods and services on open account.
Account Receivable
The total debts of an operation.
Liability
The recording, classification, allocation, and reporting of current and prospective costs.
Cost Accounting
A preliminary study made before a business is started or purchased. Its purpose is to determine the likelihood of business success.
Feasibility Study
A branch of accounting concerned with the preparation of financial information for internal users.
Managerial Accounting
A term that refers collectively to all the bookkeeping accounts.
General Ledger
A designation for an accounting professional who has passed a national exam and also has qualifying academic and experience credentials.
Certified Public Accountant (CPA)
The architecture of a hospitality organization’s information system, it includes not only accounting, but other functional areas, such as reservations.
Accounting Systems Design
A marketing right granting the use of the name, trademark, and marketing of branded services or products.
Franchise
A branch of accounting concerned with preparation of financial statements for external users.
Financial Accounting
A table of contents listing every authorized bookkeeping account in a business’s accounting system.
Chart of Accounts
The conventions from which specific technical rules and procedures for accounting are developed.
Generally Accepted Accounting Principles (GAAP's)