Accounting - Categories - Financial Terms Dictionary

1%/10 Net 30

September 20, 20221 min read Accounting Corporate Finance Dictionary

Deal 1%/10 net 30 is when a 1% discount is offered on services or products if paid within 10 days of the 30 day payment agreement.

Absorption Costing

September 20, 20221 min read Accounting Corporate Finance Dictionary

Absorptive cost differs from variable cost because it allocates a fixed overhead to each unit of product produced during a period.

Accelerated Depreciation

September 20, 20221 min read Accounting Corporate Finance Income Tax Dictionary

Accelerated depreciation is any depreciation method that allows you to recognize higher depreciation costs in previous years.

Accountability

September 20, 20221 min read Accounting Corporate Finance Dictionary

Accountability is the acceptance of responsibility for one’s actions. This implies a willingness to be transparent, allowing others to observe and evaluate their work.

Accountant Responsibility

September 20, 20221 min read Accounting Corporate Finance Dictionary

The responsibility of an accountant is the ethical responsibility of an accountant to those who rely on his work.

Accounting Conservatism

September 20, 20221 min read Accounting Corporate Finance Dictionary

Accounting conservatism is a principle that requires that company accounts be prepared with care and a high degree of verification.

Accounting Cycle

September 20, 20221 min read Accounting Corporate Finance Dictionary

The accounting cycle is a process designed to facilitate the financial accounting of business activities for business owners.

Accounting Method

September 20, 20221 min read Accounting Corporate Finance Dictionary

An accounting method consists of the rules and procedures that a company follows in reporting its income and expenses.

Accounting Policies

September 20, 20221 min read Accounting Corporate Finance Dictionary

Accounting policies are the procedures a company uses to prepare financial statements. Unlike accounting principles, which are rules, accounting policies are the standard for following those rules.

Accounting Profit

September 20, 20221 min read Accounting Corporate Finance Dictionary

Accounting profit shows the amount of money left after deducting the explicit costs of doing business.

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