S-Corporation: A form of corporation, allowed by the IRS for most companies with 35 or fewer shareholders, which enables the company to enjoy the benefits of incorporation but be taxed as if it were a partnership. Legislation can provide for continuing appropriations (which require no subsequent legislative action) and are also provided by the California Constitution. PRINCIPLES OF FINANCIAL ACCOUNTING ACCOUNTING CYCLE - SERVICE - CASH There are many items that businesses keep records of. Glossary of Selected Governmental Accounting and Financial Terminology Page 2 specified. Assets: Anything of value that a business owns 2. View Corporate Financial Accounting Terminology Exercise.pdf from ACC 557 at Community College of Philadelphia. A business that provides Appropriations are made by the State Legislature in the annual Budget Act and in other legislation. Accounting Basics For Beginners ACCOUNTING BASICS FOR BEGINNERS Module 1: Nature of Financial Accounting Each of these accounts fall into one of five categories. It is ideal for students of accounting and for ... documents and financial … Accounting Period - Expenditure and revenue measurement within a pre-determined time frame.There This dictionary provides a basic vocabulary of terms used in accounting, from personal finance and investments to company accounts, balance sheets and stock valuations. Corporate Financial Accounting Terminology Exercise _1. Liabilities: Debts that a … Sole Proprietor: an individual who owns an unincorporated business by himself/ or herself. 1. Glossary of Business Financial Terms 5 . Some terms that apply to the financial statements include: balance sheet reports the amounts of assets, liabilities, and stockholders’ equity at a specified Financial statements are general purpose, external financial statements prepared according to generally accepted accounting principles. General Accounting Terms and Definitions Accounting Cycle - Composed of several Accounting Periods spanning over twelve consecutive months. Corporations currently operate on a fiscal year beginning on July 1st and ending June 30th.

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