Accounting Vocabulary Term Definition

Accounting Vocabulary
Accounting Data
Accounts Receivable
Adjusting Entries
Fixed Asset
Foot a column
Intangible Assets
Includes journals, ledgers and other records, such as
spreadsheets, that support financial statements. It may be in
computer readable form or on paper.
Debts due from customers from sales of products and services.
To gain possession of
Accounting entries made at the end of an accounting period to
allocate items between accounting periods.
A person who owes an accounts receivable.
To misuse or embezzle funds.
To take assets in violation of trust.
Assets acquired for use in operations. These assets are generally
not for resale, and have an estimated useful life to an
organization of at least one year. Also known as property, plant,
and equipment. Examples include land, buildings, machinery,
and furniture.
To add a column of numbers.
Assets which benefit the organization through the special rights
and privileges of their ownership as opposed to the physical
characteristics. Examples are patents, copyrights, leases, and
A vendor's request for payment for a portion of a purchase order
which has been filled.
Maturity date of a note The date a note is due.
A written and signed promise to pay a sum of money at a
Promissory Note
specified time.
A journal used to record only one kind of transaction.
Special Journal
The total of all customer accounts receivable included in the
subsidiary ledger of accounts receivable is the balance in the
Subsidiary Ledger
general ledger accounts receivable account.
Also known as Fixed Assets; property, plant, and equipment.
Tangible Assets
Tax Base
Terms of Sale
The assets have a physical presence.
The maximum amount of earnings on which a tax is calculated.
An agreement between a buyer and a seller about payment for
Total Earnings or
The total pay due for a pay period before deductions.
Gross Earnings
Uncollectible Accounts Accounts receivable that cannot be collected.
A business from which merchandise is purchased or supplies or
other assets are bought.