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

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