Words of weeks gone by

Alphabetical list of all previous words of the week that were posted on this blog. Use this as a directory or just to expand your knowledge and vocabolary.

The recognition of income and expenses as they occur even if not received or paid for until later.

Resources which have monetary value.

Balance Sheet
A statement of financial condition of a business at a certain date showing its assets, liablitiies, and capital.

Chart of Accounts
Systematic arrangement of the accounts for a business, generally listed according to assets, liabilities, capital, income, cost and expenses.

Cash (or collect) on delivery.

Cost-Plus Pricing
The practice of determining selling price by adding a profit factor to costs.

End of Year

Expenditure for operating cost of a present or past period.

First in, first out, term used in costing of inventory; oldest acquesitions are disposed of first.

Gross Profit
Net sales less cost of goods sold.

Money or money equivalent earned or accrued during an accounting period, increasing the total of previously existing net assets, and arising from sales and rentals of any type of goods or services, commissions, interest, gifts, recoveries from damage, and windfalls from any outside source; a generic term.

An amount owed by one perosn (debtor) to another person (or creditor).

Net Profit
Net revenue minus expenses and costs.

Profit and Loss Statement (P&L)
The difference between income and expenses of a business for a period and the profit (or loss) resulting therefrom.

Sole Proprietorship
A business owned by one person.

**All words and definitions taken from the American Institute of Proffessional Bookkeepers 'Dictionary of 500 most common bookkeeping & accounting terms.

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