Glossary

Glossary-In Alphabetical Order

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There are 1 names in this directory beginning with the letter A.
A
Accounting Income:In accounting for income taxes, the amount on which the total income tax expense is based. The amount is calculated by taking income before taxes and extraordinary items, adding or deducting extraordinary items before related income taxes, and then adjusting for any permanent differences between accounting and taxable income.
Accounting Policies:The specific accounting principles followed by an organization and the procedures for applying those principles.
Accounts Payable:An amount owing to a creditor, usually arising from the purchase of goods or services. In financial statement presentation, accounts payable may include open accounts and notes.
Accounts Receivable: An amount claimed against a debtor, usually arising from the sale of goods or services. In financial statement presentation, accounts receivable may include open accounts and notes.
Accrual Basis (of Accounting):The method of recording transactions by which revenues and expenses are reflected in the determination of net income for the period in which they are considered to have been earned and incurred, respectively, whether or not such transactions have been settled finally by the receipt or payment of cash or its equivalent.