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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

accounts receivable (A/R) :
Sales made but not paid... Sales made but not paid-for by the customers (trade debtors). Accounts receivables are shown as current (short-term) assets in a balance sheet and are, in fact, unsecured promises by customers to pay in the future. These sums are a key factor in determining a firm's liquidity and may be discounted—used in raising a short-term bank loan, or sold to a factor. A provision is usually made in the accounts of a firm to offset uncollectible accounts receivable (bad debts) as losses.

accrual basis accounting :
System of accounting ba... System of accounting based on 'accrual principal' under which revenue is recognized (recorded) when earned, and expenses are recognized when incurred. Totals of revenues and expenses are shown in the financial statements (prepared at the end of an accounting period), whether or not cash was received or paid out in that period. Accruals basis accounting conforms to the provisions of GAAP in preparing financial statements for external users, and is employed by all firms except the very small ones (which use cash basis accounting). Also called accrual accounting. See also modified accrual basis accounting.

ACCOUNTING EVENT:
when the assets and l... when the assets and liabilities of a business increase/decrease or when there are changes in owner's equity.

ARTICLES OF INCORPORATION :
is the primary legal d... is the primary legal document of a corporation; they serve as a corporation's constitution. The articles are filed with the state government to begin corporate existence. The articles contain basic information on the corporation as required by state law.

 

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