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ACCOUNTANCY

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Beatrice Anne Dizon

on 5 September 2013

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Transcript of ACCOUNTANCY

Terms used in the topic of Capital and Equity
ACCOUNTANCY
" Our main goal is to create and keep a customer."
Basic Element
Terms used in
Nature of Accounting
Terms used in the topic of Receivables and Payables
Terms used in the topic of cash and its control
Terms used in Analyzing and Recording Transactions
NATURE OF ACCOUNTANCY
Every element of society---from the individual to an entire industry or government branch---has to make decisions on how to allocate its resources. Accounting is the process that aids these decisions by recording, classifying, summarizing, and reporting business transactions and interpreting their effects on the affairs of the business entity.
Presentation of the different categories of the Accounting technical terms
(Graphic Organizer)
Accounting Technical
Terms

Accounting consists of words or phrases which are considered to be acceptable terms that are currently used based on approved accounting standards.
Terms used in the Basic Elements of Accounting
ASSETS- Properties used in business that are owned and have monetary value.
ASSETS- Physical attributes/traits of a person.
MEANING IN ACCOUNTING VERSUS LAYMAN'S TERM
LIABILITIES- Amounts owed to creditor, including all payable accounts.
LIABILITIES- Something that holds one back; a handicap.
OWNER'S EQUITY- The interest of the owners in an enterprise.
EQUITY- The state, quality, or ideal of being just, impartial, and fair.
MEANING IN ACCOUNTING VERSUS LAYMAN'S TERM
REVENUE- The increase in capital resulting from the sale of goods by the business.
REVENUE- A governmental department set up to collect public funds.
EXPENSES- The decrease in capital caused by the business's revenue-producing operations.
EXPENSES- Charges incurred by an employee in the performance of work
MATERIALITY- The accountant must be practical and must consider the relative importance of data.
MATERIALITY- the state or quality of being physical or material
Terms in Analyzing and Recording Transactions
MEANING IN ACCOUNTING VERSUS LAYMAN'S TERM
LEDGER- The complete set of accounts for a business entity.
LEDGER- A slab of stone laid flat over a grave.
JOURNALIZING- Transactions are entered in a chronological order in the journal.
JOURNALIZING- Recording daily events in a journal.
POSTING- The process of transferring information from the journal to the ledger for the purpose of summarizing.
POSTING- To display (an announcement) in a place of public view.
MEANING IN ACCOUNTING VERSUS LAYMAN'S TERM
DEBIT- an amount entered on the left side of an account.
DEBIT- a charge against a bank deposit account.
CREDIT- an amount entered on the right side of an account.
CREDIT- recognition by name of a person contributing to a performance.
BALANCE- equality between the totals of the two sides of an account
BALANCE- an instrument for weighing.
Terms used in the topic Cash and its control
DRAWER- the one who writes the check.
DRAWER- a receptacle opened by pulling out and closed by pushing in.
ENDORSEMENTS- The depositor's signature.
ENDORSEMENTS- money earned from a product recommendation
RECONCILE- To become compatible or consistent.
RECONCILE- To reestablish a close relationship between.
Terms used in the topic of Receivables and Payables
INTEREST- is the charge assessed for the use of money.
INTEREST- A state of curiosity about something.
NOTES- A certificate issued by a bank and sometimes negotiable as money.
NOTES- A tone of definite pitch.
MATURITY- number of specified days after the note has been issued.
MATURITY- The state of being developed.
MEANING IN ACCOUNTING VERSUS LAYMAN'S TERM
Terms used in the topic of Capital and Equity
MEANING IN ACCOUNTING VERSUS LAYMAN'S TERM
PARTNERSHIP- association of two or more persons to carry on as co-owners of a business for profit.
PARTNERSHIP- the persons associated in such a relationship
DRAWING ACCOUNT- an account that is charged with advances of money against future earnings, esp. sales commissions.
DRAWING ACCOUNT- an account used esp. by a business partner for cash withdrawals.
Why do we need to know these terms used in Accounting?
As college students in the field of Accountancy we must know these terms for they will be very beneficial in the workplace. If we do not know the usage and meaning of these terms, it will be very difficult for us since our field of study is usually based on these terminologies. Most of all, since our job is about the proper allocation of resources, we might as well care to know these words to be able to interpret financial statements and investment decisions correctly.
Other Terms used in Accounting
SHARES (in ACCT)- portions of ownership of a business.
SHARES (in L.T.)- to have in common.
CLAIMS (in ACCT)- obligation of the business to provide cash.
CLAIMS (in L.T.)- to ask for especially as a right.
INVENTORIES (in ACCT)- the quantity of goods on hand.
INVENTORIES (in L.T.)- a list of traits and preferences.
ACCRUALS (in ACCT)- relating to or being a method of accounting that recognizes income when earned and expenses when incurred regardless of when cash is received.
ACCRUALS (in L.T.)- something that accrues or has accrued (gaining).
Continuation
BOND (in ACCT)- the amount of the money guarantee.
BOND (in L.T.)- a band or cord used to tie something.

CAPITAL (in ACCT)- A town or city that is the official seat of government in a political entity.
CAPITAL (in L.T.)- The remaining assets of a business after all liabilities have been deducted.

LOSS (in ACCT)- the amount by which the costs of a business transaction or operation exceed its revenue.
LOSS (in L.T.)- The harm or suffering.
LEVERAGE (in ACCT)- To enhance as if by supplying with financial leverage.
LEVERAGE (in L.T.)- The action of the lever.

LIQUIDATION (in ACCT)- To pay off (a debt, a claim, or an obligation).
LIQUIDATION (in L.T.)- To put to death; kill.

PRINCIPAL (in ACCT)- denoting or relating to capital or property as opposed to interest, etc.

PRINCIPAL (in L.T.)- a person who has controlling authority or is in a leading position


APPRECIATION (in ACCT)- an increase in value.
APPRECIATION (in L.T.)- an expression of admiration, approval, or gratitude.

DEPRECIATION (in ACCT)- A decrease in value.
DEPRECIATION (in ACCT)- An instance of disparaging or belittlement.

DIVIDEND (in ACCT)- a portion of the after-tax profits paid out to the owners of a business as a return on their investment.
DIVIDEND (in L.T.)- a number to be divided.
Sources:
Principles of Accounting
by Joel Learner and James
A. Cashin (2001)
Financial Accounting in an
Economic Context by
James Pratt (2011)
Accounting: an introduction by E.J.
McLaney (2012)

http://www.alpineguild.com/glossary_of_important.htm
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