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Definitions (66)
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accelerated depreciation
A method of depreciation in which a greater amount of depreciation expense is recorded in the earlier years of an assets useful life than in later years.
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account receivable
A customer’s or client’s promise to pay for goods or services provided.
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accounts
Sub-categories of assets, liabilities, equity, revenue and expense.
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accounts payable
A firm’s promise to pay a vendor for goods or services provided.
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accrual basis of accounting
The recognition of revenue when earned and expenses when incurred as distinguished from the cash basis of accounting.
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accumulated depreciation
The contra asset account that reflects depreciation expense taken in the current and previous periods.
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aging schedule
A schedule that classifies accounts receivable by the amount of days the receivable has been unpaid.
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assets
Tangible or intangible things that allow a firm to produce goods or services.
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audit
A set of tests and procedures applied by an independent accounting firm to determine the accuracy of financial statement information.
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balance sheet
One of the basic financial statements that is used to asses the financial condition of a company. It lists the assets, liabilities and equity of the firm at the end of the accounting period.
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