Accounting Cycle Accounts Receivable

Jun 2nd, 2015
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Louisiana State University - Shreveport
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All of the steps in the accounting process including analyzing and recording transactions, posting entries, adjusting and closing the accounts, and preparing financial statements; the accounting system.

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Accounting CycleAll of the steps in the accounting process including analyzing and recording transactions, posting entries, adjusting and closing the accounts, and preparing financial statements; the accounting system.Accounts ReceivableShort-term monetary assets that arise from sales on credit to customers at either the wholesale or the retail level.Accrual AccountingThe reporting of revenues from sales in the period in which they are sold, regardless of when the cash is received, and the reporting of expenses in the period of purchase, regardless of when the payment is made.Accrued ExpenseAn expense that has been incurred but is not recognized in the accounts, necessitating an adjusting entry; an unrecorded expense.Accrued RevenueA revenue for which the service has been performed or the goods have been delivered that has not been recorded in the accounts; an unrecorded revenue.Accumulated DepreciationA contra-asset account used to accumulate the total past depreciation on a specific long-lived asset.Adjusted Gross Income (AGI)Gross income minus deductions from gross income.Adjusted Trial BalanceA trial balance prepared after all adjusting entries have been reflected in the accounts.Adjusting EntryAn entry made to apply accrual accounting to transactions that span more than one accounting period or any adjustment needed to make the accounts in balance.Aging of Accounts ReceivableThe process of listing each customer in accounts receivable according to th

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