Accounting vocabulary
Assets: Things of value owned by a business. An asset may be a physical property or it may be a right.
Accountant: A person who trained to prepare and maintain financial records.
Cash flow: The amount of actual cash generated by business operations, which usually differs from profits shown.
Double entry: A system of accounting in which every transaction is recorded twice as a debit and as a credit
Factor: A factor is anything that influences something else.
File: To file something is to turn it in to the agency that requires it.
Firm: A firm is a business that provides professional services like legal counsel, accounting, design, etc.
Fixed asset: Non trading business assets of a relatively permanent nature
Floppy drive: A floppy drive is a device using a memory chip.
Gross margin: The gross margin is the amount of money left when cost of goods sold is subtracted from sales revenue.
Hover: To hover means to stay near a particular point.
Income: Revenue accruing over a given period of time
Inflow: Is cash coming into a company.
Inform: To inform someone about something is to tell him or her about it.
Internal auditor: An internal auditor is an employee hired by a company to monitor its financial activities.
Interpret: To interpret is to determine the appropriate meaning of something.
Inventory: The supply or stock of goods and products that a company has for sale.
Liability: A liability is a ny amount of money that a company owes.
Loan: Money lent at interest for a period of time.
Note pad: A note pad is a book of blank paper for writing on.
Obsolescence: Obsolescence is a state in which an item is no longer useful because it has been replaced by more advanced alternatives.
Owner's equity: Owner's equity is the total monetary value of a company.
Plus: Plus means that two quantities are meant to be combined.
Plummet: To plummet is to decrease rapidly.
Paper clip: A paper clip is a small device that holds sheets of paper together
Variable cost: A cost that changes as sales or production change. the variable cost should be zero. However, there will probably be fixed costs.