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Abbreviations and Acronyms Commonly Used in Business and Accounting #pdf
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AAA American Accounting Association ABC Activity-based costing AICPA American Institute of Certified Public Accountants CIA Certified Internal Auditor CIM Computer-integrated manufacturing CMA Certified Management Accountant CPA Certified Public Accountant Cr. Credit Dr. Debit EFT Electronic funds transfer EPS Earnings per share FAF Financial Accounting Foundation FASB Financial Accounting Standards Board FEI Financial Executives International FICA tax Federal Insurance Contributions Act tax FIFO First-in, first-out FOB Free on board GAAP Generally accepted accounting principles GASB Governmental Accounting Standards Board GNP Gross National Product IMA Institute of Management Accountants IRC Internal Revenue Code IRS Internal Revenue Service JIT Just-in-time LIFO Last-in, first-out Lower of C or M Lower of cost or market MACRS Modified Accelerated Cost Recovery System n/30 Net 30 n/eom Net, end-of-month P/E Ratio Price-earnings ratio POS Point of sale ROI Return on investment SEC Securities and Exchange Commission TQC Total quality control Abbreviations and Acronyms Commonly Used in Business and Accounting War22e_endsheets_rear.qxd 6/22/06 1:23 PM Page E FINAL Account Account Normal Financial Title Classification Balance Statement Accounts Payable Current liability Credit Balance sheet Accounts Receivable Current asset Debit Balance sheet Accumulated Depreciation Contra fixed asset Credit Balance sheet Accumulated Depletion Contra fixed asset Credit Balance sheet Advertising Expense Operating expense Debit Income statement Allowance for Doubtful Accounts Contra current asset Credit Balance sheet Amortization Expense Operating expense Debit Income statement Bonds Payable Long-term liability Credit Balance sheet Building Fixed asset Debit Balance sheet Capital Owner’s equity Credit Statement of owner’s equity/Balance sheet Capital Stock Stockholders’ equity Credit Balance sheet Cash Current asset Debit Balance sheet Cash Dividends Stockholders’ equity Debit Retained earnings statement Cash Dividends Payable Current liability Credit Balance sheet Common Stock Stockholders’ equity Credit Balance sheet Cost of Merchandise (Goods) Cost of merchandise Debit Income statement Sold (goods sold) Deferred Income Tax Payable Current liability/Long- Credit Balance sheet term liability Depletion Expense Operating expense Debit Income statement Discount on Bonds Payable Long-term liability Debit Balance sheet Dividend Revenue Other income Credit Income statement Dividends Stockholders’ equity Debit Retained earnings statement Drawing Owner’s equity Debit Statement of owner’s equity Employees Federal Income Tax Current liability Credit Balance sheet Payable Equipment Fixed asset Debit Balance sheet Exchange Gain Other income Credit Income statement Exchange Loss Other expense Debit Income statement Factory Overhead (Overapplied) Deferred credit Credit Balance sheet (interim) Factory Overhead (Underapplied) Deferred debit Debit Balance sheet (interim) Federal Income Tax Payable Current liability Credit Balance sheet Federal Unemployment Tax Current liability Credit Balance sheet Payable Finished Goods Current asset Debit Balance sheet Gain on Disposal of Fixed Assets Other income Credit Income statement Gain on Redemption of Bonds Other income Credit Income statement Gain on Sale of Investments Other income Credit Income statement Goodwill Intangible asset Debit Balance sheet Income Tax Expense Income tax Debit Income statement Income Tax Payable Current liability Credit Balance sheet Insurance Expense Operating expense Debit Income statement Interest Expense Other expense Debit Income statement Interest Receivable Current asset Debit Balance sheet Interest Revenue Other income Credit Income statement Investment in Bonds Investment Debit Balance sheet Investment in Stocks Investment Debit Balance sheet Investment in Subsidiary Investment Debit Balance sheet Land Fixed asset Debit Balance sheet Loss on Disposal of Fixed Assets Other expense Debit Income statement Loss on Redemption of Bonds Other expense Debit Income statement Loss on Sale of Investments Other expense Debit Income statement Marketable Securities Current asset Debit Balance sheet Materials Current asset Debit Balance sheet Classification of Accounts War22e_endsheets_rear.qxd 6/22/06 1:23 PM Page F FINAL Account Account Normal Financial Title Classification Balance Statement Medicare Tax Payable Current liability Credit Balance sheet Merchandise Inventory Current asset/Cost of Debit Balance sheet/Incomemerchandise sold statement Notes Payable Current liability/Long- Credit Balance sheet term liability Notes Receivable Current asset/Investment Debit Balance sheet Organizational Expenses Operating expense Debit Income statement Patents Intangible asset Debit Balance sheet Paid-In Capital from Sale of Stockholders’ equity Credit Balance sheet Treasury Stock Paid-In Capital in Excess of Stockholders’ equity Credit Balance sheet Par (Stated Value) Payroll Tax Expense Operating expense Debit Income statement Pension Expense Operating expense Debit Income statement Petty Cash Current asset Debit Balance sheet Premium on Bonds Payable Long-term liability Credit Balance sheet Prepaid Insurance Current asset Debit Balance sheet Prepaid Rent Current asset Debit Balance sheet Preferred Stock Stockholders’ equity Credit Balance sheet Purchases Cost of merchandise Debit Income statement sold Purchases Discounts Cost of merchandise Credit Income statement sold Purchases Returns and Cost of merchandise Credit Income statement Allowances sold Rent Expense Operating expense Debit Income statement Rent Revenue Other income Credit Income statement Retained Earnings Stockholders’ equity Credit Balance sheet/Retained earnings statement Salaries Expense Operating expense Debit Income statement Salaries Payable Current liability Credit Balance sheet Sales Revenue from sales Credit Income statement Sales Discounts Revenue from sales Debit Income statement Sales Returns and Allowances Revenue from sales Debit Income statement Sales Tax Payable Current liability Credit Balance sheet Sinking Fund Cash Investment Debit Balance sheet Sinking Fund Investments Investment Debit Balance sheet Social Security Tax Payable Current liability Credit Balance sheet State Unemployment Tax Payable Current liability Credit Balance sheet Stock Dividends Stockholders’ equity Debit Retained earnings statement Stock Dividends Distributable Stockholders’ equity Credit Balance sheet Supplies Current asset Debit Balance sheet Supplies Expense Operating expense Debit Income statement Transportation In Cost of merchandise Debit Income statement sold Transportation Out Operating expense Debit Income statement Treasury Stock Stockholders’ equity Debit Balance sheet Uncollectible Accounts Expense Operating expense Debit Income statement Unearned Rent Current liability Credit Balance sheet Utilities Expense Operating expense Debit Income statement Vacation Pay Expense Operating expense Debit Income statement Vacation Pay Payable Current liability/Long- Credit Balance sheet term liability Work in Process Current asset Debit Balance sheet War22e_endsheets_rear.qxd 6/22/06 1:23 PM Page G FINAL




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