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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