|
Glossary of Terms
ACCOUNTS PAYABLE
Trade accounts of businesses representing obligations to pay for goods and services
received.
ACCOUNTS
RECEIVABLE
Trade accounts of businesses
representing moneys due for goods sold or services rendered evidenced by notes, statements, invoices, or other
written evidence of a present obligation.
ACCOUNTING
The recording, classifying, summarizing, and interpreting in a significant manner and in terms of money,
transactions, and events of a financial character.
ASSUMPTIONS
The act of assuming/undertaking another's debts or obligations.
AUCTION
A public sale of goods to the highest bidder.
AUTOMATIC DATA
PROCESSING
Data processing largely performed by automatic means.
The discipline which deals with methods and techniques of automatic data processing.
Pertaining to data processing equipment such as electrical accounting machines and electronic data processing
equipment.
BANKRUPTCY
A condition in which a business cannot meet its debt obligations and petitions a federal district court for either
reorganization of its debts or liquidation of its assets. In the action the property of a debtor is taken over by a
receiver or trustee in bankruptcy for the benefit of the creditors. This action is conducted as prescribed by the
National Bankruptcy Act, and may be voluntary or involuntary.
| 