Business Terminology

Jun 21st, 2015
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ACCOUNTANT - A qualified person that prepares and maintains the financial records of a business. With more training than a bookkeeper, an accountant has a larger responsibility including preparing financial statements using the data recorded by the bookkeeper.

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Business Terms You Should KnowACCOUNTANTA qualified person that prepares and maintains the financial records of a business. With more training than a bookkeeper, an accountant has a larger responsibility including preparing financial statements using the data recorded by the bookkeeper.ACCOUNTS PAYABLETrade accounts of businesses representing obligations to pay for goods and services received.ACCOUNTS RECEIVABLEThe amounts owed to a company by its customers such as those for services rendered but not yet paid for, or for goods delivered and not yet paid for.ACCOUNTINGThe recording, classifying, summarizing, and interpreting in a significant manner and in terms of money, transactions, and events of a financial character.ALLIANCEClose association of groups or businesses.AUCTIONA public sale of goods to the highest bidder.BALANCE SHEETA statement of assets, liabilities, and capital at a specific period of time. Assets = Liabilities + Capital. The Balance Sheet is a "snapshot" of a company's financial standing at one point in time. It is used to determine the financial status of a company, what the company's present value is.BANKRUPTCYA condition in which a business cannot meet its debt obligations and petitions a federal district court for either reorganization of its debts or liquidation of its assets.BENEFITSBenefits comprise the second half of the compensation equation (the first half is pay). Most benefits are optional and include such items as medical a

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