A credit is an increase in a liability or equity account, or a decrease in an asset or expense account.
A debit is an increase in an asset or expense account, or a decrease in a liability or equity account. Diversification is a method of reducing risk. An Enrolled Agent is a professional accounting designation assigned to professionals who have successfully passed tests showcasing expertise in business and personal taxes.
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Enrolled Agents are generally sought out to complete business tax filings to ensure compliance with the IRS. A Fixed Cost is one that does not change with the volume of sales. The opposite of a Fixed Cost is a Variable Cost. The GL is used in order to prepare all of the Financial Statements.
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These are the rules that all accountants abide by when performing the act of accounting. Interest is the amount paid on a loan or line of credit that exceeds the repayment of the principal balance.
A term referencing how quickly something can be converted into cash. For example, stocks are more liquid than a house since you can sell stocks turning it into cash more quickly than real estate. Material is the term that refers whether information influences decisions. GAAP requires that all Material considerations must be disclosed. A purchase that happens On Credit or On Account is a purchase that will be paid at a future time, but the buyer gets to enjoy the benefit of that purchase immediately.
Overhead are those Expenses that relate to running the business. They do not include Expenses that make the product or deliver the service. For example, Overhead often includes Rent, and Executive Salaries. Payroll is the account that shows payments to employee salaries, wages, bonuses, and deductions. Often this will appear on the Balance Sheet as a Liability that the company owes if there is accrued vacation pay or any unpaid wages.
Present Value is a term that refers to the value of an Asset today, as opposed to a different point in time. It is based on the theory that cash today is more valuable than cash tomorrow, due to the concept of inflation. A Receipt is a document that proves payment was made. A business produces receipts when it provides its product or service and it receives receipts when it pays for goods and services from other businesses.
Received Receipts should be saved and catalogued so that a company can prove that its incurred expenses are accurate. Originally, this term referred to the profit that a company was making Return , divided by the Investment required. Today, the term is used more loosely to include returns on various projects and objectives.
Trial Balance is a listing of all accounts in the General Ledger with their balance amount either debit or credit. Bonds Payable Stockholders' Equity Present Value of a Single Amount Present Value of an Ordinary Annuity Future Value of a Single Amount Nonprofit Accounting Break-even Point Improving Profits Evaluating Business Investments Manufacturing Overhead Nonmanufacturing Overhead Activity Based Costing Standard Costing Accounting Careers.
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