1. account payable: An amount owed to a supplier for goods or services purchased on credit; payment is due within a short time period, usually 30 days or less.
2. account receivable: A current asset representing money due for services performed or merchandise sold on credit
3. account: An accounting record in which the results of transactions are accumulated; shows increases, decreases, and a balance.
4. accounting cycle: The procedures for analyzing, recording, classifying, summarizing, and reporting the transactions of a business.
5. accounting model: The basic accounting assumptions, concepts, principles, and procedures that determine the manner of recording, measuring, and reporting an entity's transactions.
6. accounting system: The set of manual and computerized procedures and controls that provide for identifying relevant transactions or events; preparing accurate source documents, entering data into the accounting records accurately, processing transactions accurately, updating master files properly, and generating accurate documents and reports.
7. accounting: A service activity designed to accumulate, measure, and communicate financial information about economic entities for decision-making purposes.
8. accrual-basis accounting: A system of accounting in which revenues and expenses are recorded as they are earned and incurred, not necessarily when cash is received or paid.
9. accrued expenses: Expenses that arise through adjusting entries when accounting for unrecorded expenses.
10. accrued liabilities: Liabilities that arise through adjusting entries when accounting for unrecorded liabilities.
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