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The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply

The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply

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The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply

valutazioni:
3.5/5 (7 valutazioni)
Lunghezza:
263 pagine
7 ore
Pubblicato:
Nov 15, 2010
ISBN:
9781601387424
Formato:
Libro

Descrizione

Accounting and bookkeeping can quickly become the bane of any new business, providing a great deal of headache and problems for even the most seasoned and technically proficient business owners. Hiring an accountant for your small business can cost anywhere between $1,000 and $10,000 an expense many cannot afford and trying to memorize the hundreds or even thousands of terms necessary understand the complex world of bookkeeping can seem altogether too daunting to undertake. Yet, for those that do master their own bookkeeping, those thousands of dollars can be saved and reinvested in your business immediately. This book was written for every small business owner who feels they do not have a full grasp of what they are doing with their profits, expenses, payroll, and taxes and would like to take more control of them. You will learn every possible method you need to understand and speak the language of your accountant and bookkeeper or to take over the process yourself. Learn the hundreds of necessary terms and the methods used by these two fields. Learn the different abbreviations used in the industry and what you will need to properly use this book, from the proper times to use terminology to the effective means by which to fill out your tax forms, records, and other forms. Finally, benefit from the table of detailed accounting information, from conversion charts to up-to-date tax information so that you can start understanding the complex world of bookkeeping today and take control of your finances.

Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president’s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.

This Atlantic Publishing eBook was professionally written, edited, fact checked, proofed and designed. You receive the same content as the print version of this book. Over the years our books have won dozens of book awards for content, cover design and interior design including the prestigious Benjamin Franklin award for excellence in publishing. We are proud of the high quality of our books and hope you will enjoy this eBook version.

Pubblicato:
Nov 15, 2010
ISBN:
9781601387424
Formato:
Libro

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Anteprima del libro

The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply - Cindy Ferraino

Contents

CHAPTER 1: TYPES OF ACCOUNTING

Accounting: A service activity whose purpose is to provide primarily financial information about economic entities and is intended to make economic decisions.

Accrual accounting: When a company has to account for revenue and expenses even though the payment for products and services has not been rendered.

Behavioral accounting: A type of system that factors in the values of the individuals leading the companies instead of focusing on the actual costs involved in operating the company. This system is often referred to as human resources accounting.

Black-box accounting: The use of an accounting system that does not represent income and expenses, as with a normal accounting practice. A company looking to bury unwanted financial issues might try to use this type of accounting.

Bookkeeping: The process of recognizing income and expenses on financial statements and ledgers.

Cash-basis accounting: The recognition of revenue when it is deposited and expenses when they actually happen. Small businesses and corporations utilize this method. This is a legal form of accounting and accepted by the Internal Revenue Service (see Accrual accounting).

Financial accounting: The act of overseeing the financial operations of companies based on accounting standards.

Forensic accounting: A method of accounting that deals with financial procedures that have been challenged or charged as illegal. One example of forensic accounting is examining insurance fraud claims.

Fund accounting: A type of accounting used by non-profit organizations. This method focuses on how organizations meet their business objectives without a large concern over garnishing a great profit return.

Generational accounting: This type of accounting monitors the present economic status based on previous years to determine how the economy will function in the next generation gap.

Hedge accounting: A type of accounting that involves the treatment of a hedge fund the same as accounting for other investments. The basis behind this accounting method is to utilize only one market value for all investments.

Inflation accounting: An accountant will correct financial statements that were prepared with historical costs and not actual costs.

Managerial accounting: This method of accounting focuses on the management practices of a company. The issues dealing with this type of accounting are manufacturing, costing methods, and budgeting for production.

Not-for-profit accounting: This type of accounting involves non-profit companies like universities, medical institutions, and federal/non-federal government contractors. These entities must adhere to the not-for-profit (NFP) cost accounting standards.

Table of Contents

CHAPTER 2: NUMERALS

12B-1 plan: An investment fund that does not have administration fees associated with it to manage the fund. This option is beneficial for investors who have a small amount money to invest but do not want to be saddled with high administrative costs.

Double advantage safe harbor 401(k) (DASH 401k): A retirement plan set up by an employer to help further protect an employee’s investments with the padding from an additional savings strategy — a profit share plan.

401(k): A way for individuals to accumulate money to plan for expenses that will come up during retirement, such as a mortgage or a car payment.

401(k) expense-delivery: The amount charged for contributions by employees involved in the management and processing area of the company. This cost is allocated as an operating cost on the revenue sheet.

401(k) expense-selling: The amount charged for contributions by employees involved in the sales area of the company. This cost is allocated as an operating cost on the revenue sheet.

401(k) expense-warehouse: The amount charged for contributions by employees involved in the warehouse operations of the company. This cost is allocated as an operating cost on the revenue sheet.

401(k) payable: The amount the company has to pay for employee contributions. Some companies match 401(k) contributions immediately, and some do so after one year.

529 plan: An investment strategy for individuals who wish to save money for college expenses for their children. Each state has different rules for the plan based on participating schools or colleges.

Table of Contents

CHAPTER 3: A DEFINITIONS

Abandonment: Surrendering property that is owned or leased voluntarily, when no successor is named to pass the property to. Generally, if someone has prior ownership in the property, it will revert to him or her. If no one had prior ownership in the property, then it will become the property of the state.

Abatement: A levy imposed by the government that is partly or completely canceled.

ABC agreement: A contract between a brokerage firm and an employee. It contains the rights of the firm, described in an A, B, and C outline, when it comes to purchasing a New York Stock Exchange membership for the employee.

ABC method: A strategy to manage inventory in terms relative to their importance. High-dollar items are generally represented as A’s and lower value items fall into the B and C categories.

Abeyance: Describes the legal status of real estate titles when lawful ownership of the property is in question and is being determined.

Abnormal spoilage: When a loss of inventory occurs during manufacturing processes. For example, toys that should have been coated with a blue paint instead had red paint applied to them by a factory

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  • (4/5)
    At one time we put total trust into a CPA to do the right thing without questioning anything. He or she may have explained certain aspects or used acronyms and we just took it for their word without understanding what was really said. However, it seems now that our society is questioning everything and so it should. Being versed on what the accountant is saying or referring to is of our best interest. I was simply amazed how concise and user friendly "The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply" is. I learned so much! Although I felt I knew a lot I came away after reading the book knowing that I didn't. I learned things like Butterfly spread and Perpetual inventory LIFO. Of course the book covers definitions of things like Recession and Red ink making this book a must have for novices and the experienced. I also feel this book would be of utmost importance for every MBA student to have as a mandatory resource. This is a definite keeper in my resource library.
  • (4/5)
    The Complete Dictionary of Accounting & Bookkeeping Terms Explained Simply (Back-To-Basics) by Cindy FerrainoAre there accounting terms you have heard, but aren’t really sure of?This says it all. Every small business owner needs to know the basics. I think we are expected to and sometimes don’t fess up that we aren’t sure of the actual meaning of the words used daily in our professions.My accountant is always throwing around terms that I think I should know, have heard a thousand times, but am I really certain of the meaning? No! This book is an accounting dictionary that will help clear the air. I must admit I often confuse a “debit” with a “credit” on my bank statement, so this book brought my knowledge level up considerably.I found it easy to leaf through to look up terms that I wanted more definition of, and I thumbed through learning the real meaning of many words I had heard before. Ferraino simply explains accounting and bookkeeping terms and how to effectively complete your tax forms. This is something that all will benefit from. She has a 9 page, extensive glossary of acronyms and abbreviations. I had seen several of these over my life time on bank and credit card statements, loan docs, etc and now am more familiar with the meanings.I can now use them properly. She explains the difference in a 401(K) vs. a 529 plan. This reference covers a broad spectrum of accounting, tax, real estate, banking and book keeping terms. It will stay on the shelf for those crisis moments when I need to know more on a subject that I have shied away from. I will use it before business deals and contracts. Good reference, very complete.I received a complimentary copy from Reviewthebook Team.