These text will not display in live site if no content is inserted
DO NOT COPY & PASTE CONTENT IN HERE!!! Copied text will NOT display properly
ACCOUNTING / TAX TERMS
Below are several common accounting terms with brief definitions. If more detail explanation is needed, please contact us.
Accounting: the methodology used to translate business activity into dollars and cents. This methodology is important in order to determine if the business is profitable as well as the tax implications.
Accounts Payable: represents payments due to vendors. Most businesses use accounting software to record invoices from vendors as well as track when payment is due.
Accounts Receivable: represents payments due from customers. Most businesses use accounting software to bill customers and track receipt of payment.
Cost: amount incurred for a product or service.
Fixed Asset: property used in a business, such as computer equipment, machinery, furniture or van/vehicles.
Inventory: items the business plans to sell. Inventory can be items purchased for resale or items created/manufactured by the business.
Ledger: document which tracks business activity by accounts such as asset, liability, revenue and expense. Businesses typically use accounting software such as QuickBooks to record business activity and generate ledgers.
Liability: represents amounts owed by the business.
Revenue: amount recognized when a product or service is provided to a customer or client.
Accounting: the methodology used to translate business activity into dollars and cents. This methodology is important in order to determine if the business is profitable as well as the tax implications.
Accounts Payable: represents payments due to vendors. Most businesses use accounting software to record invoices from vendors as well as track when payment is due.
Accounts Receivable: represents payments due from customers. Most businesses use accounting software to bill customers and track receipt of payment.
Cost: amount incurred for a product or service.
Fixed Asset: property used in a business, such as computer equipment, machinery, furniture or van/vehicles.
Inventory: items the business plans to sell. Inventory can be items purchased for resale or items created/manufactured by the business.
Ledger: document which tracks business activity by accounts such as asset, liability, revenue and expense. Businesses typically use accounting software such as QuickBooks to record business activity and generate ledgers.
Liability: represents amounts owed by the business.
Revenue: amount recognized when a product or service is provided to a customer or client.