Account form balance sheet
A balance sheet that lists assets on the left and liabilities and owner's equity on the right.
Journal entries made to update accounts for items that were not recorded during the accounting period
The portion of the assets original cost that has not yet depreciated.
An account with a normal balance that is opposite that of a related balance.
Contra Asset Account
An asset account with a credit balance, which is contrary to the normal balance of an asset account
Allocation of the cost of a long-term asset to operations during its expected useful life.
Expense items acquired, recorded, and paid for in advance of their use.
Report form balance sheet
A balance sheet that lists the asset accounts first, followed by liabilities and owner's equity.
An estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life.
Allocation of an asset's cost in equal amounts to each accounting period of the assets useful life.
A form used to gather all data needed at the end of an accounting period to prepare financial statements.
An interval of time for which a financial statement is prepared.
Annual Financial Statements
Financial statements that are prepared for a 12 month period
An annual period for which a companies financial statements are prepared. A companies fiscal year is ofter January 1 to December 31
Long Term Asset
An asset that has useful life great than one year and is expected to assist in a company's revenue generating process.
A deposit made at a financial institution that earns a specified return for a specified period of time.
The return that is earned when you lend money to a third party in exchange for money.
Interest revenue that has been earned but not received.
The financial payment date of a loan or note payable at which all principle and interest must be repaid to the lender. However this can also refer to the date when the amount of an investment, such as a certificate of deposit (CD), and interest revenue must be repaid to the investor.