Thẻ ghi nhớ: [ESP 111] - UNIT 13: ACCOUNTING AND FINANCIAL STATEMENTS | Quizlet

Cost accounting

calculating all the expenses involved in producing something, including materials, labour, and all other expenses

Tax accounting

calculating how much an individual or a company will have to pay to the local and national governments (and trying to reduce this to a minimum)

Auditing

inspecting and reporting on accounts and financial records

Accounting

preparing financial statements showing income and expenditure, assets and liabilities

Managerial or management accounting

providing information that will allow a business to make decisions, plan future operations and develop business strategies

creative accounting

using all available accounting procedures and tricks to

disguise the true financial position of a company

Bookkeeping

writing down the details of transactions (debits and credits)

Cash flow statement

a statement giving details of money coming into and leaving the business, divided into day-to-day operations, investing and financing

Income statement (or Statement of income, Profit and loss statement, or Profit and loss account)

a statement showing the difference between the revenues and expenses of a period

Balance sheet (or Statement of financial position)

a statement showing the value of a business's assets, its liabilities, and its capital or shareholders' equity (money the business has that belongs to its owners)

Shareholders' Equity

all the money belonging to the company's owners

intangible

assets whose value can only be turned into cash with difficulty (e.g. reputation, patents, trademarks, etc.)

additional paid-in capital

capital that shareholders have contributed to the company above the nominal or par value of the stock

accrued expenses

expenses such as wages, taxes and interest that have not yet been paid at the date of the balance sheet

total receivables

money owed by Customers for goods or services purchased on credit

Property, plant, and equipment (PP&E)

tangible assets such as offices, machines, etc.

Goodwill

the difference between the purchase price of acquired companies and their net tangible assets

Total Liabilities

the total amount of money owed that the company will have to pay out

account payable

money owed suppliers for purchases made on credit

prepaid expenses

money paid in advance for goods and services

retained earnings

profits that have not been distributed to shareholders

insolvency

An accountant working in this area acts for a person or company that is no longer able to pay its debts or a company whose liabilities exceed its assets.

Forensic Accounting

When a company's financial records are officially checked because illegal activity is suspected.

Revenue

Income/turnover/sales / the top line.

Cost of goods sold

Direct costs, including manufacturing costs, salaries of manual (blue-collar) workers, etc.

EBITDA

Stands for Earnings Before Interest, Tax, Depreciation, and Amortization.

Operating expenses

indirect costs/overhead, including salaries of sales and office staff, marketing costs, utility bills, etc.

Current assets

May also include marketable securities (shares intended for disposal within one year).

Fixed assets

May also include long-term financial investments.

Accrued items

Those where an expense has been incurred, but the money is not yet paid.