Difference between revisions of "Net income"

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[[Labor distribution report]] is a report issued by the payroll department to categorize all the types of labor incurred during the week.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Labor distribution report]]. A report issued by the payroll department to categorize all the types of labor incurred during the week.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Principles of Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Bill of lading]] is a formal document issued to the carrier of the finished product. It is the basis for charging the cost of goods sold.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Bill of lading]]. A formal document issued to the carrier of the finished product. It is the basis for charging the cost of goods sold.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Principles of Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Return on common stockholders' equity ratio]] is a profitability ratio that indicates how well a company is managing debt financing to earn a profit for holders of common stock.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Return on common stockholders' equity ratio]]. A profitability ratio that indicates how well a company is managing debt financing to earn a profit for holders of common stock.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Corporation]] is a business organization that is both a legal and accounting entity.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Corporation]]. Business organization that is both a legal and accounting entity.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Incorporator]] is a person responsible for getting the corporation formed.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Incorporator]]. A person responsible for getting the corporation formed.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Articles of incorporation]] is the document submitted by incorporators when applying for a charter.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Articles of incorporation]]. Document submitted by incorporators when applying for a charter.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Charter]] is a document issued to a corporation by the state that includes certificate of incorporation along with articles of incorporation.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Charter]]. Document issued to a corporation by the state that includes certificate of incorporation along with articles of incorporation.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
−
*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Certificate of incorporation]] is a document granted by the state authorizing the creation of a corporation.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Certificate of incorporation]]. Document granted by the state authorizing the creation of a corporation.
 
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==Related concepts==
 
−
*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Stockholder]] is an owner of the stock of the corporation.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Stockholder]]. An owner of the stock of the corporation.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Corporate director]] is an officer elected by stockholders to represent the company and establish policies for the company.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Corporate director]]. An officer elected by stockholders to represent the company and establish policies for the company.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Minute book]] is the book that records meetings of the board of directors or stockholders.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Minute book]]. Book that records meetings of the board of directors or stockholders.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Limited liability]] is freedom of stockholders from personal liability for the debts of the corporation.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Limited liability]]. Freedom of stockholders from personal liability for the debts of the corporation.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Stock certificate]] is a formal document issued to investors in a corporation that shows the number of shares purchased.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Stock certificate]]. Formal document issued to investors in a corporation that shows the number of shares purchased.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Paid-In Capital]] is a section of stockholders' equity representing what stockholders have invested into the corporation.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Paid-In Capital]]. Section of stockholders' equity representing what stockholders have invested into the corporation.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Retained Earnings]] are accumulated profits of a corporation that have been kept in the business and not paid out as dividends. [[Retained Earnings]] is part of stockholders' equity.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Retained Earnings]]. Accumulated profits of a corporation that have been kept in the business and not paid out as dividends. [[Retained Earnings]] is part of stockholders' equity.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Capital stock]] is classes of stock that represent the fractional elements of ownership of a corporation.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Capital stock]]. Classes of stock that represent the fractional elements of ownership of a corporation.
 
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==Related concepts==
 
−
*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Authorized capital stock]] is the number of shares of capital stock (common and preferred) that a corporation can sell.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Authorized capital stock]]. The number of shares of capital stock (common and preferred) that a corporation can sell.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Issued capital stock]] is stock that the corporation issues for assets or services contributed by the stockholders.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Issued capital stock]]. Stock that the corporation issues for assets or services contributed by the stockholders.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Outstanding capital stock]] is stock that is held and owned by stockholders. Common stock Part of paid-in capital representing the basic ownership equity of the corporation. If the corporation has only one class of stock, it will be common stock.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Outstanding capital stock]]. Stock that is held and owned by stockholders. Common stock Part of paid-in capital representing the basic ownership equity of the corporation. If the corporation has only one class of stock, it will be common stock.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Preemptive right]] is the right of the stockholder to purchase additional shares of stock to maintain a proportionate interest when the corporation issues additional stock.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Preemptive right]]. The right of the stockholder to purchase additional shares of stock to maintain a proportionate interest when the corporation issues additional stock.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Preferred stock]] is class of capital stock that has preference to a corporation's profits and assets.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Preferred stock]]. Class of capital stock that has preference to a corporation's profits and assets.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Dividend]] is cash, other assets, or shares of stock that a corporation issues to the stockholders.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Dividend]]. Cash, other assets, or shares of stock that a corporation issues to the stockholders.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Cumulative preferred stock]] is stock that entitles its holders to any undeclared dividends that have accumulated before common stockholders receive their dividends.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Cumulative preferred stock]]. Stock that entitles its holders to any undeclared dividends that have accumulated before common stockholders receive their dividends.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Dividends in arrears]] are the dividends owed to cumulative preferred stockholders that must be paid before common stockholders can receive their dividends.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Dividends in arrears]]. Dividends owed to cumulative preferred stockholders that must be paid before common stockholders can receive their dividends.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Noncumulative preferred stock]] is preferred stock that does not entitle its holders to a dividend for any year in which a dividend is not declared. *[[Nonparticipating preferred stock]]. Preferred stock that  entitles its holders only to a  certain percentage of dividend,  the remainder going to holders  of common stock.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Noncumulative preferred stock]]. Preferred stock that does not entitle its holders to a dividend for any year in which a dividend is not declared. *[[Nonparticipating preferred stock]]. Preferred stock that  entitles its holders only to a  certain percentage of dividend,  the remainder going to holders  of common stock.
 
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==Related concepts==
 
−
*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Participating preferred stock]] is stock that entitles its holders not only to a fixed dividend but also to an opportunity to share in additional dividends with common stockholders.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Participating preferred stock]]. Stock that entitles its holders not only to a fixed dividend but also to an opportunity to share in additional dividends with common stockholders.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Par value]] is an arbitrary value that is placed on each share of stock. [[Par value]] represents legal capital and not market value.
 
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==Definitions==
 
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According to [[College Accounting: A Practical Approach by Slater (13th edition)‎]],
 
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:[[Par value]]. An arbitrary value that is placed on each share of stock. [[Par value]] represents legal capital and not market value.
 
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==Related concepts==
 
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*[[Accounting]] (alternatively known as [[accountancy]]) is management of [[financial data]], information, and knowledge about [[financial transaction]]s of [[legal entity|legal entiti]]es. [[Accountancy]] tends to include [[bookkeeping]] and, depending on a particilar enterprise, may also include [[quatitative analysis]] of [[financial data]] in the [[bookkeeping system]] and/or [[business intelligence]].
 
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==Related coursework==
 
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*[[Corporate Accounting]].
 
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[[Category: Accounting]][[Category: Articles]]
 
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[[Legal capital]] is minimum amount of capital that a corporation must leave in the company (cannot be withdrawn by stockholders) for the protection of the creditors.
 
[[Legal capital]] is minimum amount of capital that a corporation must leave in the company (cannot be withdrawn by stockholders) for the protection of the creditors.
  

Revision as of 11:57, 20 December 2018

Legal capital is minimum amount of capital that a corporation must leave in the company (cannot be withdrawn by stockholders) for the protection of the creditors.


Contents

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Legal capital. Minimum amount of capital that a corporation must leave in the company (cannot be withdrawn by stockholders) for the protection of the creditors.

Related concepts

Related coursework

No-par stock is stock with no par value. A stated value could be placed on it.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

No-par stock. Stock with no par value. A stated value could be placed on it.

Related concepts

Related coursework

Stated value is arbitrary value placed by the board of directors on each share of no-par stock to fulfill legal capital requirements.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Stated value. Arbitrary value placed by the board of directors on each share of no-par stock to fulfill legal capital requirements.

Related concepts

Related coursework

Premium is a term that records the sale of stock at more than par value. In this book we use the account Paid-In Capital in Excess of Par Value to record the premium received.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Premium. A term that records the sale of stock at more than par value. In this book we use the account Paid-In Capital in Excess of Par Value to record the premium received.

Related concepts

Related coursework

Common Paid-In Capital in Excess of Par Value is the difference between what stockholders invest and par value. This amount is not credited to the Common Stock account.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Common Paid-In Capital in Excess of Par Value. Difference between what stockholders invest and par value. This amount is not credited to the Common Stock account.

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Discount on stock is the difference between the par value of the stock and an amount less than the par value that the stockholders have contributed. Discounts do not happen often.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Discount on stock. The difference between the par value of the stock and an amount less than the par value that the stockholders have contributed. Discounts do not happen often.

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Common Paid-In Capital in Excess of Stated Value is the difference between what stockholders invest and the stated value placed on stock by the board of directors. This amount is not credited to the Common Stock account.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Common Paid-In Capital in Excess of Stated Value. Difference between what stockholders invest and the stated value placed on stock by the board of directors. This amount is not credited to the Common Stock account.

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Organization cost is an intangible asset that records the initial cost of forming the corporation, such as legal and incorporating fees. Today, it is being expensed.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Organization cost. An intangible asset that records the initial cost of forming the corporation, such as legal and incorporating fees. Today, it is being expensed.

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Stock subscription is a contractual agreement to buy a certain number of shares of stock from a corporation at a specific price.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Stock subscription. A contractual agreement to buy a certain number of shares of stock from a corporation at a specific price.

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Common Stock Subscribed is a temporary stockholders’ equity account that records at par value stock that has been subscribed to but not fully paid for.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Common Stock Subscribed. Temporary stockholders’ equity account that records at par value stock that has been subscribed to but not fully paid for.

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Common Stock Subscriptions Receivable is current asset on balance sheet that represents amount due on stock subscriptions.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Common Stock Subscriptions Receivable. Current asset on balance sheet that represents amount due on stock subscriptions.

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Source-of-capital approach is method of preparing Paid-In Capital by listing classes of stockholder sources of capital. Legal capital approach Method of preparing Paid-In Capital by listing the legal section first.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Source-of-capital approach. Method of preparing Paid-In Capital by listing classes of stockholder sources of capital. Legal capital approach Method of preparing Paid-In Capital by listing the legal section first.

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Redemption value is the price per share a corporation pays to redeem or retire capital stock.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Redemption value. The price per share a corporation pays to redeem or retire capital stock.

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Market value is the price that a buyer pays to purchase shares of capital stock in the open market. Of course, for every buyer there is a seller.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Market value. The price that a buyer pays to purchase shares of capital stock in the open market. Of course, for every buyer there is a seller.

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Book value per share is amount of net assets that a stockholder would receive on a per share basis, assuming no gain or loss on the sale of the assets.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Book value per share. Amount of net assets that a stockholder would receive on a per share basis, assuming no gain or loss on the sale of the assets.

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Dividend is cash or other assets that a corporation distributes as earnings to stockholders.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Dividend. Cash or other assets that a corporation distributes as earnings to stockholders.

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Date of declaration is the date upon which the board of directors of a corporation formally declares a dividend.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Date of declaration. The date upon which the board of directors of a corporation formally declares a dividend.

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Dividend is payable liability showing amount of cash dividend owed.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Dividend. Payable Liability showing amount of cash dividend owed.

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Date of record is the date of ownership that determines which stockholders will receive the dividend.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Date of record. The date of ownership that determines which stockholders will receive the dividend.

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Date of payment is the date the dividend is paid. *Cash dividend. Dividend that is paid in cash.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Date of payment. The date the dividend is paid. *Cash dividend. Dividend that is paid in cash.

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Stock dividend is stock that is distributed to stockholders instead of cash or other assets.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Stock dividend. Stock that is distributed to stockholders instead of cash or other assets.

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Common Stock Dividend is distributable Stockholders' equity account that accumulates a stock dividend that has been declared but not yet issued and distributed.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Common Stock Dividend. Distributable Stockholders' equity account that accumulates a stock dividend that has been declared but not yet issued and distributed.

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Stock split is issuing of additional shares of stock to stockholders; total par or stated value remains the same.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Stock split. Issuing of additional shares of stock to stockholders; total par or stated value remains the same.

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Treasury stock is stock that has been issued but has been bought back by the corporation or received as a gift.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Treasury stock. Stock that has been issued but has been bought back by the corporation or received as a gift.

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Paid-In Capital from Treasury Stock is stockholders' equity account that records amounts more or less than par value of treasury stock sold. The balance of this account can never be negative.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Paid-In Capital from Treasury Stock. Stockholders' equity account that records amounts more or less than par value of treasury stock sold. The balance of this account can never be negative.

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Appropriated retained earnings (restricted retained earnings) is that portion of Retained Earnings that is not available for dividends.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Appropriated retained earnings (restricted retained earnings). That portion of Retained Earnings that is not available for dividends.

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Statement of retained earnings is a financial report that reveals the changes in retained earnings for a particular period of time.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Statement of retained earnings. A financial report that reveals the changes in retained earnings for a particular period of time.

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Prior period adjustment is correction made in the current year of a mistake made in previous years. The adjustment is updated on the statement of retained earnings.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Prior period adjustment. Correction made in the current year of a mistake made in previous years. The adjustment is updated on the statement of retained earnings.

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Bond is an interest-bearing note payable usually in $1,000 denominations issued by a corporation to a large group of lenders.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Bond. An interest-bearing note payable usually in $1,000 denominations issued by a corporation to a large group of lenders.

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Bond certificate is a piece of paper held by a bondholder showing evidence of a bond issued by a corporation to be payable on a specified date for a specific sum to the order of the person named in the bond certificate or to the bearer.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Bond certificate. A piece of paper held by a bondholder showing evidence of a bond issued by a corporation to be payable on a specified date for a specific sum to the order of the person named in the bond certificate or to the bearer.

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Face value is the amount the corporation must repay to the bondholder at the maturity date.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Face value. The amount the corporation must repay to the bondholder at the maturity date.

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Contract rate is rate of interest (based on face value) stated on bond certificate and bond indenture.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Contract rate. Rate of interest (based on face value) stated on bond certificate and bond indenture.

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Bond indenture is a contract that spells out the provisions of the contract between the corporation and bondholder.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Bond indenture. A contract that spells out the provisions of the contract between the corporation and bondholder.

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Trustee is an organization (usually a bank) or person who monitors a bond indenture for the protection of bondholders.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Trustee. Organization (usually a bank) or person who monitors a bond indenture for the protection of bondholders.

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Secured bond is bond issued by a corporation that pledges specific assets as security to meet the terms of the bond agreement.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Secured bond. Bond issued by a corporation that pledges specific assets as security to meet the terms of the bond agreement.

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Debenture bond is bond that is unsecured and is issued only on the general credit of a corporation.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Debenture bond. Bond that is unsecured and is issued only on the general credit of a corporation.

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Serial bond is bond issued in a series, each one of which has a different maturity date and thus comes due at a different time.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Serial bond. Bond issued in a series, each one of which has a different maturity date and thus comes due at a different time.

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Registered bond is bondholders of record are registered with the corporation, and interest checks are sent directly to them.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Registered bond. Bondholders of record are registered with the corporation, and interest checks are sent directly to them.

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Callable bond is bond with a provision that it can be called in by the issuing corporation after a certain date.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Callable bond. Bond with a provision that it can be called in by the issuing corporation after a certain date.

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Convertible bond is bondholders have the option of converting bonds into stock at a specified exchange rate.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Convertible bond. Bondholders have the option of converting bonds into stock at a specified exchange rate.

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Effective rate is the real or actual rate of interest to the borrowing corporation.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Effective rate. The real or actual rate of interest to the borrowing corporation.

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Carrying value (book value) is face value of bond less bond discount or plus bond premium.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Carrying value (book value). Face value of bond less bond discount or plus bond premium.

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Discount on Bonds Payable is the account used when bonds are issued below face value; indicates market rate of interest is higher than contract rate. This account is a contra-liability account.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Discount on Bonds Payable. Account used when bonds are issued below face value; indicates market rate of interest is higher than contract rate. This account is a contra-liability account.

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Amortization of discount on Bonds Payable (amortization of premium on Bonds Payable) is writing off the bond premium or discount as a decrease or increase to interest expense for each interest period.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Amortization of discount on Bonds Payable (amortization of premium on Bonds Payable). Writing off the bond premium or discount as a decrease or increase to interest expense for each interest period.

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Straight-line method is a method recognizing equal amounts of interest expense for each period when amortizing a bond discount or premium.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Straight-line method. A method recognizing equal amounts of interest expense for each period when amortizing a bond discount or premium.

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Premium on Bonds Payable is the account used when bonds are issued above face value; it indicates that market interest rate is below contract rate. This account is a liability account.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Premium on Bonds Payable. Account used when bonds are issued above face value; it indicates that market interest rate is below contract rate. This account is a liability account.

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Interest method of amortization. The method that amortizes the premium or discount to record interest expense, being equal to the carrying value of the bond times the market rate times the time period. The interest expense is a constant percentage of the carrying value. The discount or premium to be amortized is the difference between the interest to be recorded and the interest paid to bondholders.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Interest method of amortization. This method amortizes the premium or discount to record interest expense, being equal to the carrying value of the bond times the market rate times the time period. The interest expense is a constant percentage of the carrying value. The discount or premium to be amortized is the difference between the interest to be recorded and the interest paid to bondholders.

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Sinking fund is a fund that accumulates cash to pay off bonds when they are retired.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Sinking fund. A fund that accumulates cash to pay off bonds when they are retired.

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Bond Sinking Fund Interest Earned is other revenue account used to record earnings on sinking fund balance.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Bond Sinking Fund Interest Earned. Other revenue account used to record earnings on sinking fund balance.

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Fair Labor Standards Act (Federal Wage and Hour Law) is a United States law that the majority of American employers must follow that contains rules stating the minimum hourly rate of pay and the maximum number of hours a worker will work before being paid time and a half for overtime hours worked. This law also has other rules and regulations that employers must follow for payroll purposes.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Fair Labor Standards Act (Federal Wage and Hour Law). A United States law that the majority of American employers must follow that contains rules stating the minimum hourly rate of pay and the maximum number of hours a worker will work before being paid time and a half for overtime hours worked. This law also has other rules and regulations that employers must follow for payroll purposes.

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Interstate commerce is a test that is applied to determine whether an employer must follow the rules of the Fair Labor Standards Act. If an employer communicates or does business with another business in some other state, it is usually considered to be involved in interstate commerce.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Interstate commerce. A test that is applied to determine whether an employer must follow the rules of the Fair Labor Standards Act. If an employer communicates or does business with another business in some other state, it is usually considered to be involved in interstate commerce.

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Form W-4 (Employee's Withholding Allowance Certificate) is a form filled out by employees and used by employers to supply needed information about the number of allowances claimed, marital status, and so forth. The form is used for payroll purposes to determine federal income tax withholding from an employee's paycheck.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Form W-4 (Employee's Withholding Allowance Certificate). A form filled out by employees and used by employers to supply needed information about the number of allowances claimed, marital status, and so forth. The form is used for payroll purposes to determine federal income tax withholding from an employee's paycheck.

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Federal income tax withholding (FIT withholding) is amount of federal income tax withheld by the employer from the employee's gross pay; the amount withheld is determined by the employee's gross pay, the pay period, the number of allowances claimed by the employee on the W-4 form, and the marital status indicated on the W-4 form.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Federal income tax withholding (FIT withholding). Amount of federal income tax withheld by the employer from the employee's gross pay; the amount withheld is determined by the employee's gross pay, the pay period, the number of allowances claimed by the employee on the W-4 form, and the marital status indicated on the W-4 form.

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Allowances (also known as exemptions) are certain dollar amounts of a person's income tax that will be considered nontaxable for income tax withholding purposes.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Allowances (also known as exemptions). Certain dollar amounts of a person's income tax that will be considered nontaxable for income tax withholding purposes.

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Wage bracket table is one of various charts in IRS Circular E that provide information about deductions for federal income tax based on earnings and data supplied on the W-4 form.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Wage bracket table. One of various charts in IRS Circular E that provide information about deductions for federal income tax based on earnings and data supplied on the W-4 form.

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IRS Circular E (Circular E) is an IRS tax publication of payroll procedures, including tax tables.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

IRS Circular E (Circular E). An IRS tax publication of payroll procedures, including tax tables.

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State income tax withholding is amount of state income tax withheld by the employer from the employee's gross pay.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

State income tax withholding. Amount of state income tax withheld by the employer from the employee's gross pay.

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FICA (Federal Insurance Contributions Act) is part of the Social Security Act of 1935, this law taxes both the employer and employee up to a certain maximum rate and wage base for OASDI tax purposes. It also taxes both the employer and employee for Medicare purposes, but this tax has no wage base maximum.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

FICA (Federal Insurance Contributions Act). Part of the Social Security Act of 1935, this law taxes both the employer and employee up to a certain maximum rate and wage base for OASDI tax purposes. It also taxes both the employer and employee for Medicare purposes, but this tax has no wage base maximum.

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Taxable earnings is a numerical value that shows amount of earnings subject to a tax. The tax itself is not shown.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Taxable earnings. A numerical value that shows amount of earnings subject to a tax. The tax itself is not shown.

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Medical insurance is health care insurance for which premiums may be paid through a deduction from an employee's paycheck.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Medical insurance. Health care insurance for which premiums may be paid through a deduction from an employee's paycheck.

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Federal Unemployment Tax Act (FUTA) is a tax paid by employers to the federal government. The current rate is 0.6% on the first $7,000 of earnings of each employee after the normal FUTA tax credit is applied.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Federal Unemployment Tax Act (FUTA). A tax paid by employers to the federal government. The current rate is 0.6% on the first $7,000 of earnings of each employee after the normal FUTA tax credit is applied.

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State Unemployment Tax Act (SUTA) is a tax usually paid only by employers to the state for employee unemployment insurance.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

State Unemployment Tax Act (SUTA). A tax usually paid only by employers to the state for employee unemployment insurance.

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Workers' compensation insurance is insurance purchased by most employers to protect their employees against losses due to injury or death while on the job.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Workers' compensation insurance. Insurance purchased by most employers to protect their employees against losses due to injury or death while on the job.

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Payroll tax expense is the cost to employers that includes the total of the employer's FICA OASDI, FICA Medicare, FUTA, and SUTA taxes. Remember, the employer matches the employee contributions for OASDI and Medicare.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Payroll tax expense. The cost to employers that includes the total of the employer's FICA OASDI, FICA Medicare, FUTA, and SUTA taxes. Remember, the employer matches the employee contributions for OASDI and Medicare.

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Employer identification number (EIN) is a number assigned by the IRS that is used by an employer when recording and paying payroll and income taxes.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Employer identification number (EIN). A number assigned by the IRS that is used by an employer when recording and paying payroll and income taxes.

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Form SS-4 is the form filled out by an employer to get an EIN. The form is sent to the IRS, which assigns the number to the business.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Form SS-4. The form filled out by an employer to get an EIN. The form is sent to the IRS, which assigns the number to the business.

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Form 941 tax is another term used to describe FIT, OASDI, and Medicare. This name comes from the form used to report these taxes.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Form 941 tax. Another term used to describe FIT, OASDI, and Medicare. This name comes from the form used to report these taxes.

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Look-back period is a period of time used to determine whether a business should make its Form 941 tax deposits on a monthly or semiweekly basis. The IRS defines this period as July 1 through June 30 of the year prior to the year in which Form 941 tax deposits will be made.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Look-back period. A period of time used to determine whether a business should make its Form 941 tax deposits on a monthly or semiweekly basis. The IRS defines this period as July 1 through June 30 of the year prior to the year in which Form 941 tax deposits will be made.

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Monthly depositor is a business classified as a monthly depositor will make its payroll tax deposits only once each month for the amount of Form 941 taxes due from the prior month.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Monthly depositor. A business classified as a monthly depositor will make its payroll tax deposits only once each month for the amount of Form 941 taxes due from the prior month.

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Semiweekly depositor is a business classified as a semiweekly depositor may have to make its payroll tax deposits up to twice in one week, depending on when payroll is paid.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Semiweekly depositor. A business classified as a semiweekly depositor may have to make its payroll tax deposits up to twice in one week, depending on when payroll is paid.

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Form 941 (Employer's Quarterly Federal Tax Return) is a tax report that a business will complete after the end of each calendar quarter indicating the total FICA (OASDI and Medicare) taxes owed plus the amount of FIT withheld from employees' pay for the quarter. If federal tax deposits have been made correctly and on time, the total amount deposited should equal the amount due on Form 941. Any difference results in a payment due or a refund.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Form 941 (Employer's Quarterly Federal Tax Return). A tax report that a business will complete after the end of each calendar quarter indicating the total FICA (OASDI and Medicare) taxes owed plus the amount of FIT withheld from employees' pay for the quarter. If federal tax deposits have been made correctly and on time, the total amount deposited should equal the amount due on Form 941. Any difference results in a payment due or a refund.

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Form 940 (Employer's Annual Federal Unemployment Tax Return) is the form that is used by employers at the end of the calendar year to report the amount of unemployment tax due for the year. If more than $500 is cumulatively owed at the end of a quarter, it should be paid one month after the end of that quarter. Normally, the report is due January 31 after the calendar year, or February 10 if an employer has already made all deposits.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Form 940 (Employer's Annual Federal Unemployment Tax Return). This form is used by employers at the end of the calendar year to report the amount of unemployment tax due for the year. If more than $500 is cumulatively owed at the end of a quarter, it should be paid one month after the end of that quarter. Normally, the report is due January 31 after the calendar year, or February 10 if an employer has already made all deposits.

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Form W-2 (Wage and Tax Statement) is a form completed by the employer at the end of the calendar year to provide a summary of gross earnings and deductions to each employee. At least three copies go to the employee, one copy to the IRS, one copy to any state where employee income taxes have been withheld, one copy to the Social Security Administration, and one copy into the records of the business.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Form W-2 (Wage and Tax Statement). A form completed by the employer at the end of the calendar year to provide a summary of gross earnings and deductions to each employee. At least three copies go to the employee, one copy to the IRS, one copy to any state where employee income taxes have been withheld, one copy to the Social Security Administration, and one copy into the records of the business.

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Form W-3 (Transmittal of Wage and Tax Statements) is a form completed by the employer to verify the number of W-2s and amounts withheld as shown on them. This form is sent to the Social Security Administration data processing center along with copies of each employee's W-2 forms.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Form W-3 (Transmittal of Wage and Tax Statements). A form completed by the employer to verify the number of W-2s and amounts withheld as shown on them. This form is sent to the Social Security Administration data processing center along with copies of each employee's W-2 forms.

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Modified Accelerated Cost Recovery System (MACRS) is a system for businesses to calculate depreciation for tax purposes based on the Tax Laws of 1986, 1989, and 2010; also known as the General Depreciation System (GDS).


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Modified Accelerated Cost Recovery System (MACRS). A system for businesses to calculate depreciation for tax purposes based on the Tax Laws of 1986, 1989, and 2010; also known as the General Depreciation System (GDS).

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Uniform Partnership Act is laws enacted in most states that govern how a partnership is formed, operated, and liquidated.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Uniform Partnership Act. Laws enacted in most states that govern how a partnership is formed, operated, and liquidated.

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Partnership is the association of two or more persons who act as co-owners of a business.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Partnership. The association of two or more persons who act as co-owners of a business.

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Articles of partnership. The written contract that spells out the details of the agreement among the partners.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Articles of partnership. The written contract that spells out the details of the agreement among the partners.

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Limited life is a requirement that a partnership is dissolved by admission, withdrawal, or death of a partner. Although the partnership is dissolved, the operations of the business can continue if a new partnership is formed.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Limited life. Partnership is dissolved by admission, withdrawal, or death of a partner. Although the partnership is dissolved, the operations of the business can continue if a new partnership is formed.

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Mutual agency is act of a single partner is binding on all members of the partnership.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Mutual agency. Act of a single partner is binding on all members of the partnership.

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General partner is a partner who has unlimited liability.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

General partner. A partner who has unlimited liability.

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Limited partner is the partner's liability is limited to the amount of investment in the partnership.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Limited partner. The partner's liability is limited to the amount of investment in the partnership.

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Co-ownership of property is each partner owns a share of the assets.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Co-ownership of property. Each partner owns a share of the assets.

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Salary allowance is a mechanism for dividing earnings of a partnership based on personal services provided by the partners (not an expense).


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Salary allowance. A mechanism for dividing earnings of a partnership based on personal services provided by the partners (not an expense).

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Interest allowance is a mechanism for dividing earnings of a partnership based on a percentage of capital balances of the partners (not an expense).


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Interest allowance. A mechanism for dividing earnings of a partnership based on a percentage of capital balances of the partners (not an expense).

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Profit and loss ratio is an agreed-upon ratio used to divide earnings or losses of a partnership.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Profit and loss ratio. An agreed-upon ratio used to divide earnings or losses of a partnership.

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Statement of partners' equity is a financial statement that reveals each partner's ownership percentage of the firm's capital. The ending figure for the firm's capital is then placed on the balance sheet.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Statement of partners' equity. A financial statement that reveals each partner's ownership percentage of the firm's capital. The ending figure for the firm's capital is then placed on the balance sheet.

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Purchase of an equity interest is transfer of ownership between an existing partner and a new partner.


Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Purchase of an equity interest. Transfer of ownership between an existing partner and a new partner.

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Bonus is when a new partner is admitted, he or she may pay more or less than equity interest. If the new partner pays more, the old partners share a bonus in the profit and loss ratio. Of course, the opposite could result, and the new partner could receive a bonus if he or she invests less than equity interest.

Definitions

According to College Accounting: A Practical Approach by Slater (13th edition)‎,

Bonus. When a new partner is admitted, he or she may pay more or less than equity interest. If the new partner pays more, the old partners share a bonus in the profit and loss ratio. Of course, the opposite could result, and the new partner could receive a bonus if he or she invests less than equity interest.

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