Basic Terminology (I)

Balance Sheet

Assets

Liabilities

Equity

Income Statement

Revenue

Cost of Goods Sold

Expenses

Accounting Period

Basic Terminology (II)

Accounts Receivable

Accounts Payable

Depreciation

General Ledger

Interest

Inventory

Journals

Payroll

Trial Balance

Accounting Methods

Cash Method

Accrual Method

Differences Between Cash and Accrual

Keeping Track of Your Business

Accounts Payable

Accounts Receivable

The Journal

The General Ledger

Cash Management

Understanding the Balance Sheet

The Accounting Equation

Double-Entry Accounting

Types of Assets

Types of Liabilities

Equity

Other Financial Statements

Income Statement

Cash Flow Statement

Capital Statement

Budget Vs. Actual

Payroll Accounting / Terminology

Gross Wages

Net Wages

Employee Tax Withholding’s

Employer Tax Expenses

Salary Deferrals

Employee Payroll

Employee Benefits

Tracking Accrued Leave

Government Payroll Returns/Reports

End of Period Procedures

Depreciating Your Assets

Reconciling Cash

Reconciling Investments

Working with the Trial Balance

Bad Debt

Posting Adjustments and Corrections

Financial Planning, Budgeting and Control

Reasons for Budgeting

Creating a Budget

Comparing Budget to Actual Expenses

Auditing

What is an Audit?

When and Why Would You Audit?

Internal

External