|
Accounting Method
Any number of approaches for calculating the income of an entity. Usually applied to the general means of recognizing income and expenses, e.g., cash or accrual. But it can also apply to method of keeping inventories, etc.
Working capital
Current assets minus current liabilities.
Cash Flow Projections
A month-by-month future projection of income and expenditures over a period of time, usually a year. The projections for an existing business are based on current cash flow patterns.
Accounts Payable
A liability arising when a vendor provides goods or services that are not immediately paid for and where the liability is not formalized in writing but backed by the reputation and credit worthiness of the debtor.
Accountant's Opinion
If a independent certified public accountant is requested to audit a company's books, he will issue a opinion as to the condition of the financial statements. There are several degrees of opinion from clean to adverse.
Capital equipment
Equipment used as part of your business that is not sold in the normal course of the business.
Cigarette and Tobacco Taxes
Taxes on these products are remitted by wholesalers to the Idaho State Tax Commission. Wholesale permit numbers are required.
Escrow Accounts
Funds placed in trust with a third party, by a borrower for a specific purpose and to be delivered to the borrower only upon the fulfillment of certain conditions.
Adjusted Gross Income
Also known as AGI, it's your individual income before personal exemptions or standard or itemized deductions.
Liabilities
Liabilities the debts owed by the business. The state of being financially obligated to creditors.
|
Did You Know?