Process by which companies produce their financial statements for a specific period.
The information system that measures business activities, processes that information into reports, and communicates the results to decision makers.
The right to receive cash in the future from customers to whom the business has sold goods or for whom the business has performed services.
A liability backed by the general reputation and credit standing of the debtor.
The detailed record of all the changes that have occurred in a particular asset, liability, or owner’s equity (stockholders’ equity) during a period. The basic summary device of accounting.
A depreciation method that writes off more of the asset’s cost near the start of its useful life than the straight-line method does.