Glossary of Accounting Terms Used by Friedlander Advisory Services
Confused by certain terms used on our site? Our original glossary should cover whatever questions you may have about a term or phrase used on this site. However, if you still have questions about avoiding costs and our accounting procedures after examining this glossary, go ahead and <link to contact us page>get in touch with us to have your question taken care of personally.
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Debt a company must pay off within the year; that is, they are a current liability. Typically, these debts are to the company’s suppliers. The accounts payable amount is subtracted from the sales or revenue amount on a balance sheet when net income and net worth are calculated.
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Assets are things you own, such as cash, real estate, stocks, and bonds. In the case of a business, assets also include inventory. On a balance sheet, assets contribute to the positive side, and liabilities contribute to the negative side. For example, if you own a $100,000 house with a $60,000 mortgage, you would have $40,000 of the houses equity on the assets side of your balance sheet, because you own that portion of the house; the $60,000 would appear on the liabilities side of your balance sheet because you owe that amount to your mortgage lender.
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| (727) 452-4926 |
Accounting Tampa
P.O. Box 14821
Clearwater, Florida 33766 |
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