Archive for the 'Term of the day' Category
(The articles are listed chronologically...)
Accounting Term of the Day – Module
Module -
Definition:
One of the functional applications of Cougar Mountain Software for Windows. Modules available are General Ledger, Accounts Receivable, Accounts Payable, Order Entry, Point of Sale, Inventory, Payroll, Bank Reconciliation, and Data Exchange.
Published by angie on March 10th, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – Master Records
Master Records -
Definition:
The individual records found in a master file. General information about the participants or objects of transactions within a module.
Published by angie on March 9th, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – Master Files
Master Files -
Definition:
The files that hold the records containing general information about the participants or objects of transactions within a module. In General Ledger the master file contains the account names, numbers, and balances. In Accounts Receivable the master file contains the customer names, numbers, balances, and other general information. In Inventory the master file [...]
Published by angie on March 8th, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – Magnetic Media (Payroll)
Magnetic Media (Payroll) -
Definition:
Method of saving data in a report format to tape or disk in order to submit the report electronically, rather than on paper.
Published by angie on March 5th, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – Line Item Types
Line Item Types -
Definition:
The different types of transactions that can be documented on a detail line of an invoice.
Published by angie on March 4th, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – Liabilities
Liabilities -
Definition:
The claims against the assets of a business. The debts or financial obligations of a business.
Published by angie on March 3rd, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – LIFO (last in, first out)
LIFO (last in, first out) -
Definition:
An inventory valuation method based on the assumption that the last item acquired is the first item sold, and that the remaining items are the first acquired.
Published by angie on March 2nd, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – Landing Costs
Landing Costs -
Definition:
The costs of acquiring inventory besides the purchase cost. Sales tax and freight charges can be landing costs.
Published by angie on March 1st, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – Invoice Only Transaction
Invoice Only Transaction -
Definition:
A Purchase Order transaction that invoices items that were previously received into Inventory but not invoiced.
Published by angie on February 26th, 2010 tagged Term of the day | Comment now »
Accounting Term of the Day – Invoice
Invoice -
Definition:
An itemized statement of goods or services sold that shows quantities, prices, total charges, payment terms, and sales tax. An invoice might also include many other items of information such as item description. The invoice serves as the original evidence of ownership transfer for both the buyer and seller.