Accounting
Accounting
20 terms
This glossary would have the topic of accounting. In this glossary, you will have a list of 20 words with their definition that are used in the Accounting and Management Technology at the CEGEP of Thetford. A glossary will help you understand some words that are used in this field of study.
- Budget
- An estimate of income and expenditure for a set period of time.
- Capital
- Wealth in the form of money or other assets owned by a person or organization or available or contributed for a particular purpose such as starting a company or investing.
- Credit
- An entry recording a sum received, listed on the right-hand side or column of an account.
- Debit
- An entry recording an amount owed, listed on the left-hand side or column of an account.
- Hypotheque
- A mortgage in which money is regularly paid into an endowment insurance policy.
- Impost
- A tax or similar compulsory payment.
- Interest
- Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
- Interest payable
- A liability account, shown on a company's balance sheet, which represents the amount of interest expense that has accrued to date but has not been paid as of the date on the balance sheet.
- Interest receivable
- An accounting terms that refers to the amount of interest that has been earned by investments, loans given out, or other interest-earning assets, but has not yet been received
- Inventory
- A complete list of items such as property, goods in stock, or the contents of a building.
- Investment
- The action or process of investing money for profit or material result.
- Line of credit
- An amount of credit extended to a borrower.
- Liquidity
- The availability of liquid assets to a market or company.
- Periodic inventory system
- To conducting a physical inventory count of goods/products on a scheduled basis.
- Profit
- A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
- Salary
- A fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.
- Stock
- The goods or merchandise kept on the premises of a business or warehouse and available for sale or distribution.
- Tax
- A mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.
- Tax payable
- The amount of taxes a business currently owes to the government.
- Tax receivable
- Any Tax refunds from any Government Entity or investment tax credits.