اصطلاحات روزمره ( Accounting ( English

  Accounting Key Terms ( English ) اصطلاحات روزمره حسابداری 

دوستان عزیز !  

با توجه به نیاز مبرم همه به مجموعه ایی  از اصطلاحات روزمره که به لسان ساده تر تشریح شده باشد ؛ تصمیم گرفتم تا مجموعه ای از اصطلاحات مضامین Accounting - Management - HRM - Business Communication - Economy و .... را تهیه و به دسترس علاقمندان آن قرار دهم .  اصطلاحاتیکه کار برد بیشتر در مضامین و مباحث حسابداری یا Accounting  دارند  بدسترس شما قرار می گیرد (  به لسان انگلیسی )......

 

KEY TERMS of Chapter  # 4   

Closing Entries :

Current items : are those expected to come due (both collected and owed) within the longer of one year or the company’s normal operating cycle.

Current assets : are expected to be sold, collected, or used within one year or the company’s operating cycle.

Long-term investments : are  expected to be held for more than one year or the operating cycle.

Plant assets : are tangible long-lived assets used to produce or sell products and services.

Intangible assets : are long-term resources used to produce or sell products and services and that lack physical form.

Current liabilities : are obligations due within the longer of one year or the company’s operating cycle.

Long-term liabilities : are obligations not due within the longer of one year or the company’s operating cycle.

Equity : is the owner’s claim on the assets. 

Current Ratio :Helps assess the company’s ability to pay its debts in the near future

It is equal to Current Assets divided by Current Liabilities

Expenses :  are like : Depreciation Expenses , Rent Expenses , Utilities Expenses , Supplies Expenses, Salaries Expenses , Insurance Expenses and etc.

KEY TERMS of Chapter  # 5 

Contra-Revenue Account :  A debit balance account that is offset against revenue in the revenue section of the income statement , like ; Sales Discounts , Sales Returns and Allowance.

Cost of Goods Sold – C.G.S  : The cost to a merchandising company of the goods it has sold to its customers during the period.

Gross Profit : Net sales revenue minus the cost of goods sold.

Inventory : Merchandise intended for resale to customers.

Net Sales : Gross Sales revenue less sales revenues and allowance and minus sales discounts .

Operating Cycle : The repeating sequence of transactions by which a business generates its revenue and cash receipts from customers.

Periodic Inventory System : An alternative to the perpetual inventory system . It eliminates the need for recording the cost of goods sold as sales occur. The amount of inventory and the goods sold are not known until a complete physical inventory is taken at year-end.

Perpetual Inventory System : A system of accounting for merchandising transactions in which the Inventory and Cost of Goods Sold accounts are kept perpetually up-to-date.

Counting Physical Inventory : The process of  counting all merchandise on hand and determining its cost. 

Trade Discounts : Used by manufacturers and wholesalers to offer better prices for greater quantities purchased.

Purchase Discounts : A contra revenue paid by seller for credit purchasers , to encourage them clearing their payables soon..

Invoice : a purchase documentory, which may contain ; Seller , Invoice Date , Purchaser ,Order Number , Credit Terms , Freight Terms , Goods , Invoice Amount.

Purchase Return:   Merchandise returned by the purchaser to the supplier.

Purchase Allowance:  A reduction in the cost of defective merchandise received by a purchaser from a supplier.

F.O.B =  Free On Board “ method of determining  transporting cost of  Goods “

FOB Shipping point = when the Transportation cost is paid by Buyer.

FOB Destination = The Transportation of Goods is on Seller.

KEY TERMS chapter # 6 

Corporation: A business recognized under the law as an entity separate and distinct from its owners. A corporation is chartered by a state government and has transferable shares of ownership, called capital stock.

General Partner: A partner in a business organized as a partnership who possesses the traditional rights and responsibilities of a partner . Including mutual agency and unlimited personal liability.

Limited Liability Partnership: A partnership  in which all partners may participate in management , but have limited liability for the actions of fellow partners. A relatively new of organization , now widely used in association of professionals  , such as accountants , Physicians and Attorneys.

Limited Partners ( L.P ) : A partner in a limited partnership who has the rights to participate in profits , but whose liability for losses is limited to the amount of his or her investments , and who does not have the right to participate in management . A limited partner's role is that of an investor , rather than that of a traditional partner.

Limited Partnership : A partnership that has one or more limited partners , as well as one or more general partners.

Limited Personal Liability : The concept that some or all of the owners of a business are not personally responsible for the debts of the organization and their potential losses , therefore are " limited" to the amount of their equity investment. This concept normally applies to stockholders in a corporation and to the limited partners in a limited partnership.

Partnership : An unincorporated business owned by two or more persons voluntarily associated as partners.

S Corporation : A corporation that , for tax purposes , is treated as if it were a partnership.

Sole Proprietorship :  An unincorporated business owned by one person.

Unlimited Personal Liability : The concept that a business owner has unlimited personal liability for the debts of the business. Applies to sole proprietorships and general partners in partnerships

L.P ( Limited Partnership ) :

·         General partners assume management duties and unlimited liability for partnership debts.

·         Limited partners have no personal liability beyond invested amounts.

L.L.P  ( Limited Liability Partnerships ) :

• Protects innocent partners from malpractice or negligence claims.
• Most states hold all partners personally liable for partnership debts. 
• L.L.C  ( Limited Liability  Corporations ) :

•          Owners have same limited liability feature as owners of a corporation.

•          A limited liability corporation typically has a limited life.

n    Resets revenue, expense and withdrawal account balances to zero at the end of the period.

n    Helps summarize a period’s revenues and expenses in the Income Summary account.