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GLOSSARY OF BUSINESS AND FINANCIAL TERMS

A


ACCOUNTANT - A highly trained professional who is skilled at keeping business records. The person who organizes an accounting system, prepares the financial statements, and interprets the results of those statements.

ACCOUNT - A record of a business transaction or "deal".

ACCOUNTING CIRCLE - The complete sequence of accounting activities repeated in
every accounting period.

ACCOUNTING CLERK - Another term for bookkeeper.

ACCOUNTING EQUATION - The basic form of a balance sheet. The accounting equation
consist of three parts or elements: Assets, Liabilities and Owner's Equity.

ACCOUNTS PAYABLE - Amounts due to creditors for the purchase of goods or services on credit.

ACCOUNTS RECEIVABLE - Are amounts claimed against debtors, usually arising from  the sale or services on credit. The record of what each customer owes you.

AGE OF INVENTORY - Shows how fast merchandise or inventory moves through the business. To calculate, divide inventory by cost of goods sold and multiply by 365.

AGE OF PAYABLES - Shows how long a business takes to pay its suppliers. To calculate,
divide accounts payable by purchase and multiply by 365. 

AGE OF RECEIVABLES - Shows how long a business takes to collect its receivables.
To calculate, divide accounts receivable by sales and multiply by 365.

ANALYSIS - Breaking an idea or a problem down into its parts for a good examination 

ARTICLES OF INCORPORATION - A legal document filed and approved by the state, province and or federally that sets forth the purposes and regulations for a corporation.

ASSETS - All economic resources (items of value) owned by a business or individual, such as cash, inventories, land, buildings.

AUTHORIZED BORROWING LIMIT - The maximum amount you can borrow against your operating loan. This maximum is the lesser of your approved operating loan limit or the
margin requirements (limits) placed on your accounts receivable and /or inventory. 

AUTOMATED PAYROLL SERVICE - A service that lets a company send payroll data (on paper, by computer etc.) to the bank and the bank handles all other details of the payroll. 



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