Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply
    The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply
    The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply
    Ebook263 pages6 hours

    The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply

    By Cindy Ferraino

    3.5/5

    ()

    Read preview

    About this ebook

    Accounting and bookkeeping can quickly become the bane of any new business, providing a great deal of headache and problems for even the most seasoned and technically proficient business owners. Hiring an accountant for your small business can cost anywhere between $1,000 and $10,000 an expense many cannot afford and trying to memorize the hundreds or even thousands of terms necessary understand the complex world of bookkeeping can seem altogether too daunting to undertake. Yet, for those that do master their own bookkeeping, those thousands of dollars can be saved and reinvested in your business immediately. This book was written for every small business owner who feels they do not have a full grasp of what they are doing with their profits, expenses, payroll, and taxes and would like to take more control of them. You will learn every possible method you need to understand and speak the language of your accountant and bookkeeper or to take over the process yourself. Learn the hundreds of necessary terms and the methods used by these two fields. Learn the different abbreviations used in the industry and what you will need to properly use this book, from the proper times to use terminology to the effective means by which to fill out your tax forms, records, and other forms. Finally, benefit from the table of detailed accounting information, from conversion charts to up-to-date tax information so that you can start understanding the complex world of bookkeeping today and take control of your finances.

    Atlantic Publishing is a small, independent publishing company based in Ocala, Florida. Founded over twenty years ago in the company president’s garage, Atlantic Publishing has grown to become a renowned resource for non-fiction books. Today, over 450 titles are in print covering subjects such as small business, healthy living, management, finance, careers, and real estate. Atlantic Publishing prides itself on producing award winning, high-quality manuals that give readers up-to-date, pertinent information, real-world examples, and case studies with expert advice. Every book has resources, contact information, and web sites of the products or companies discussed.

    This Atlantic Publishing eBook was professionally written, edited, fact checked, proofed and designed. You receive the same content as the print version of this book. Over the years our books have won dozens of book awards for content, cover design and interior design including the prestigious Benjamin Franklin award for excellence in publishing. We are proud of the high quality of our books and hope you will enjoy this eBook version.

    LanguageEnglish
    PublisherAtlantic Publishing Group Inc.
    Release dateNov 15, 2010
    ISBN9781601387424
    The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply

    Related to The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply

    Related ebooks

    Professional Skills For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Make Charitable Giving Part of Your Holiday Season -- and Part of Your Financial Life

      Dec 27, 2019

      The holiday season is wrapping up, and so is the charitable giving season. In 2018, roughly one-third (31%) of annual giving occurred in December, and 12% of all giving happened in the last three days of the year, according to the National Associatio

      3 min read

    • Article

      You’ve Just Sold Your Business for Millions. Now What?

      Oct 21, 2021

      For the past three years, I’ve helped approximately 20 business owners develop a financial plan for their wealth after selling a business. It may seem paradoxical, but I’ve found that managing their wealth after the sale is often more complex than wh

      4 min read

    • Article

      Small-Business Success Story: No-Strings Financial Advice

      Aug 30, 2018

      Kiplinger's spoke with Lori Atwood, a Washington, D.C.-based financial planner and creator of the Fearlessfinance program and app, about what led her to entrepreneurship after several years out of the workforce. Here's an excerpt from our interview:

      2 min read

    • Article

      Financial Keys to Help Weather Coronavirus Crisis

      Mar 24, 2020

      This is an unusual time we live in. One year ago, it would have been inconceivable to suggest that Americans would soon be hoarding food, shuttering businesses, and practicing social distancing. Stock markets around the world have taken a hit, and su

      3 min read

    • Article

      Welcome To our Csi Edition

      Apr 19, 2023

      To the best of my knowledge, no other publication in the world delivers such 1 immediate and direct benefit to its vendors as The Big Issue. It’s a simple, yet brilliant business model as much as it is a good monthly read. This is just one of the rea

      4 min read

    • Article

      True Hospitality

      Dec 1, 2021

      Hidden before, the fragile lives of workers in food, beverage and hospitality were exposed by the pandemic. Many of these individuals live below the poverty line, lack basic benefits, and struggle with physical and/or mental health issues. Who will c

      5 min read

    • Article

      Working Hard For The Money

      Dec 6, 2023

      managing editor This year, Money magazine rounded up nine of our most talented writers and tasked them with reporting on why exactly, in specific detail, these products or businesses are the most beneficial for our readers. To be clear, each of these

      2 min read

    • Article

      Every Dollar Counts: How to Evaluate a Nonprofit

      Dec 3, 2021

      Donating to charity is an act of faith in the possibility of a better world — that’s why every dollar counts. And with the holiday giving season here, you may be receiving more requests from nonprofits and starting to think about the causes you want

      4 min read

    • Article

      6 New Year’s Resolutions for Your Wealth Plan

      Jan 14, 2022

      It’s 2022 and we’ve made it through another year of the pandemic and a sea of uncertainty with tax laws and the economy. With every new year comes the inclination of many to start a list of New Year’s resolutions, and while most typically center arou

      3 min read

    • Article

      Financial Tips, Thanks To The Year Of The Pig

      Feb 5, 2019

      Happy New Year ... again! It is now the year of the pig. According to the Western calendar, Feb. 5, 2019, marks the beginning of the Chinese New Year -- also known as "Spring Festival" -- the longest and most important celebration for Chinese famili

      3 min read

    • Article

      Wealth Lessons From The Year Of The Rat

      Feb 5, 2020

      The Year of the Rat is here, and in Chinese culture, rats are a sign of wealth. While rats are generally perceived as filthy, hungry and seedy, they are also portrayed in popular culture as resourceful and ambitious -- for example, take the pizza r

      4 min read

    • Article

      The Unsung Power Of Giving

      Nov 4, 2020

      The Unsung Power Of Giving
      6 min read

    • Article

      7 Tips for Raising Wealthy Kids to Be Socially Responsible

      May 24, 2019

      How do parents with substantial assets raise fiscally and socially responsible children? How do you talk to your children about the wealth they are likely to inherit? Many successful people with significant wealth don't know how to talk to their chi

      4 min read

    • Article

      Why A Top 10 List Of Annuity Companies Is Not A Place To Start

      Jan 19, 2018

      Everywhere you turn this time of year you will see a Top 10 list. Whether it's automobiles, restaurants, vacation spots, chocolates or gardening tools, you will find someone willing to guide you. I don't think Top 10 lists always work for you, parti

      3 min read

    • Article

      Doing Well By Doing Good

      Jun 24, 2019

      Doing Well By Doing Good
      4 min read

    • Article

      Big-time earners

      Nov 14, 2023

      Big-time earners
      8 min read

    • Article

      Q&A

      Jan 1, 2024

      We believe that every organization in this country has a responsibility to advance reconciliation. In June 2020, we released a Reconciliation Action Plan in response to the Truth and Reconciliation Commission’s Call to Action Number 92. It called on

      6 min read

    Related categories

    Reviews for The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply

    3.5/5

    5 ratings2 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

    • 4/5
      At one time we put total trust into a CPA to do the right thing without questioning anything. He or she may have explained certain aspects or used acronyms and we just took it for their word without understanding what was really said. However, it seems now that our society is questioning everything and so it should. Being versed on what the accountant is saying or referring to is of our best interest. I was simply amazed how concise and user friendly "The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply" is. I learned so much! Although I felt I knew a lot I came away after reading the book knowing that I didn't. I learned things like Butterfly spread and Perpetual inventory LIFO. Of course the book covers definitions of things like Recession and Red ink making this book a must have for novices and the experienced. I also feel this book would be of utmost importance for every MBA student to have as a mandatory resource. This is a definite keeper in my resource library.

      1 person found this helpful

    • 4/5
      The Complete Dictionary of Accounting & Bookkeeping Terms Explained Simply (Back-To-Basics) by Cindy FerrainoAre there accounting terms you have heard, but aren’t really sure of?This says it all. Every small business owner needs to know the basics. I think we are expected to and sometimes don’t fess up that we aren’t sure of the actual meaning of the words used daily in our professions.My accountant is always throwing around terms that I think I should know, have heard a thousand times, but am I really certain of the meaning? No! This book is an accounting dictionary that will help clear the air. I must admit I often confuse a “debit” with a “credit” on my bank statement, so this book brought my knowledge level up considerably.I found it easy to leaf through to look up terms that I wanted more definition of, and I thumbed through learning the real meaning of many words I had heard before. Ferraino simply explains accounting and bookkeeping terms and how to effectively complete your tax forms. This is something that all will benefit from. She has a 9 page, extensive glossary of acronyms and abbreviations. I had seen several of these over my life time on bank and credit card statements, loan docs, etc and now am more familiar with the meanings.I can now use them properly. She explains the difference in a 401(K) vs. a 529 plan. This reference covers a broad spectrum of accounting, tax, real estate, banking and book keeping terms. It will stay on the shelf for those crisis moments when I need to know more on a subject that I have shied away from. I will use it before business deals and contracts. Good reference, very complete.I received a complimentary copy from Reviewthebook Team.

    Book preview

    The Complete Dictionary of Accounting and Bookkeeping Terms Explained Simply - Cindy Ferraino

    Contents

    CHAPTER 1: TYPES OF ACCOUNTING

    Accounting: A service activity whose purpose is to provide primarily financial information about economic entities and is intended to make economic decisions.

    Accrual accounting: When a company has to account for revenue and expenses even though the payment for products and services has not been rendered.

    Behavioral accounting: A type of system that factors in the values of the individuals leading the companies instead of focusing on the actual costs involved in operating the company. This system is often referred to as human resources accounting.

    Black-box accounting: The use of an accounting system that does not represent income and expenses, as with a normal accounting practice. A company looking to bury unwanted financial issues might try to use this type of accounting.

    Bookkeeping: The process of recognizing income and expenses on financial statements and ledgers.

    Cash-basis accounting: The recognition of revenue when it is deposited and expenses when they actually happen. Small businesses and corporations utilize this method. This is a legal form of accounting and accepted by the Internal Revenue Service (see Accrual accounting).

    Financial accounting: The act of overseeing the financial operations of companies based on accounting standards.

    Forensic accounting: A method of accounting that deals with financial procedures that have been challenged or charged as illegal. One example of forensic accounting is examining insurance fraud claims.

    Fund accounting: A type of accounting used by non-profit organizations. This method focuses on how organizations meet their business objectives without a large concern over garnishing a great profit return.

    Generational accounting: This type of accounting monitors the present economic status based on previous years to determine how the economy will function in the next generation gap.

    Hedge accounting: A type of accounting that involves the treatment of a hedge fund the same as accounting for other investments. The basis behind this accounting method is to utilize only one market value for all investments.

    Inflation accounting: An accountant will correct financial statements that were prepared with historical costs and not actual costs.

    Managerial accounting: This method of accounting focuses on the management practices of a company. The issues dealing with this type of accounting are manufacturing, costing methods, and budgeting for production.

    Not-for-profit accounting: This type of accounting involves non-profit companies like universities, medical institutions, and federal/non-federal government contractors. These entities must adhere to the not-for-profit (NFP) cost accounting standards.

    Table of Contents

    CHAPTER 2: NUMERALS

    12B-1 plan: An investment fund that does not have administration fees associated with it to manage the fund. This option is beneficial for investors who have a small amount money to invest but do not want to be saddled with high administrative costs.

    Double advantage safe harbor 401(k) (DASH 401k): A retirement plan set up by an employer to help further protect an employee’s investments with the padding from an additional savings strategy — a profit share plan.

    401(k): A way for individuals to accumulate money to plan for expenses that will come up during retirement, such as a mortgage or a car payment.

    401(k) expense-delivery: The amount charged for contributions by employees involved in the management and processing area of the company. This cost is allocated as an operating cost on the revenue sheet.

    401(k) expense-selling: The amount charged for contributions by employees involved in the sales area of the company. This cost is allocated as an operating cost on the revenue sheet.

    401(k) expense-warehouse: The amount charged for contributions by employees involved in the warehouse operations of the company. This cost is allocated as an operating cost on the revenue sheet.

    401(k) payable: The amount the company has to pay for employee contributions. Some companies match 401(k) contributions immediately, and some do so after one year.

    529 plan: An investment strategy for individuals who wish to save money for college expenses for their children. Each state has different rules for the plan based on participating schools or colleges.

    Table of Contents

    CHAPTER 3: A DEFINITIONS

    Abandonment: Surrendering property that is owned or leased voluntarily, when no successor is named to pass the property to. Generally, if someone has prior ownership in the property, it will revert to him or her. If no one had prior ownership in the property, then it will become the property of the state.

    Abatement: A levy imposed by the government that is partly or completely canceled.

    ABC agreement: A contract between a brokerage firm and an employee. It contains the rights of the firm, described in an A, B, and C outline, when it comes to purchasing a New York Stock Exchange membership for the employee.

    ABC method: A strategy to manage inventory in terms relative to their importance. High-dollar items are generally represented as A’s and lower value items fall into the B and C categories.

    Abeyance: Describes the legal status of real estate titles when lawful ownership of the property is in question and is being determined.

    Abnormal spoilage: When a loss of inventory occurs during manufacturing processes. For example, toys that should have been coated with a blue paint instead had red paint applied to them by a factory

    Enjoying the preview?
    Page 1 of 1