Finance terminology

From wikinotes


most of these should be expanded in depth on other pages.


asset equipment, furniture, buidings, cash, etc. (sub-classified as property, plant, equipment)
equity amount of money returned to owners if all assets were sold, after paying all debts
liability money owed (ex: payroll, debt)


gross whole amount without accounting for expenses (ex: refunds, returns, ..)
net whole amount after subtracting expenses (ex: refunds, returns, ..)


Resources a company owns or controls (ex. equipment, machinery, furniture, cash etc.)
subclassified as property/plant/equipment.

goodwill assets acquisition for more than cost of identifiable-assets
intangible assets copyrights, trademarks, etc.
returns dividends, interest paid on an investment
retained earnings net income retained by corp (not issued as dividends) prev_period_retained + revenues - expenses - dividends


income/revenue profit from sales, service, interest on loan
accounts receivable money owed (ex. rent, loan payments, deferred tax)
accounts payable
interest payable
salaries payable
property tax payable
sales tax payable
income tax payable