10 Terms
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General accounting
Use this category for general accounting terms.
Industry: Accounting
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General accounting
Current asset
Accounting; General accounting
An asset that is expected to be converted into cash within the trading cycle.
International Accounting Standards Board
Accounting; General accounting
An authoritative body that establishes accounting principles and practises for companies outside of the United States.
Current assets
Accounting; General accounting
Cash and other assets that are expected to be converted to cash or sold or used up through the normal operations of the business within 1 year or less.
Capital stock
Accounting; General accounting
Total amount of a firm's capital, represented by the value of its issued common and preferred stock (ordinary and preference shares).
Generally Accepted Accounting Principles (GAAP)
Accounting; General accounting
Rules for the way financial statements should be prepared.
Current liabilities
Accounting; General accounting
Liabilities that will be due within a short time (usually 1 year or less) and that are to be paid out of current assets.
Contribution margin
Accounting; General accounting
Sales less variable cost of goods sold and variable selling and administrative expenses.
