Account – This term is used to identify a formal contractual relationship for banks, brokerage and other business services which can either be a statement of recent transactions and its resulting balances.
Accountant - Typically, an accountant is a person who is skilled at handling numbers and other financial records. At American Star Accounting, our accountants are Financial Management Consultants that go beyond your basic bookkeeping; they are backed-up by more than 40 years of professional experience which makes them specialists in their chosen fields.
Accounting - The science of communicating financial information to managers, shareholders and owners of a particular establishment. This system is used to record, analyze and relay financial information to management in order to know and improve the present financial status of a particular company.
Accounting Corporation - An institution that provides accounting, bookkeeping, auditing and other financial management services to improve a business’ current accounting system.
Accounting Cycle - This refers to a sequence of data recorded and processed that must be carried out in a fiscal period.
Accounting Element - Accounting elements may refer to assets, liabilities, owners' equity, capital stock, retained earnings, revenues, expenses, and dividends.
Accounting Equation –The accounting equation, also known as the ‘Balance Sheet Equation’ is the foundation for the double-entry bookkeeping system. It is expressed in the formula: Assets=Liabilities + Capital
Accounting Firm - Similar to an Accounting Corporation, an Accounting Firm is a firm of accountants who provide accounting and auditing services for a fee
Accounting Information System - An accounting information system (AIS) is the system of records. A business keeps this kind of information in order for it to maintain its accounting system.
Accounting Period – This is the period for which accounts are drawn up. It can either be in a month, a quarter or per year until a financial statement is produced.
Accounting Principles – These refer to an accounting doctrine that usually explains current accounting practices and serves as a guide for accounting conventions.
Accounting Reports - otherwise known as financial reports, these are periodic statements that present the current financial position of an institution over a given period that may/may not have resulted from previous business operations and transactions.
Accounting Service – A structured financial system provided by an accounting corporation such American Star Accounting. American Star Accounting Corporation provides personalized accounting services that delve from your basic bookkeeping and payroll services to the more complex financial management services. American Star Accounting Corporation accounting services are backed up by more than 40 years of professional experience so you’re assured of only quality and tested methodology for all your financial requirements.
Accounting Standards – Issued by the Accounting Standards Board, these are designed to ensure accounts show a true and fair view.
Accounting System - These can either be computerized or manual procedures and controls that identify transactions, events, source documents, accurate data encoding and master file updates important for smooth flowing accounting.
Accrual Principle - Also known as matching principle, this is where revenues and expenses are recognized in the period in which activities that cause those revenues and expenses occur; concept: expenses are matched against revenues and recorded in the same period which revenue are earned.
Acquisition – Can either be friendly or hostile, an acquisition is the takeover or buyout of a company on another company for a variety of reasons. An acquisition involves negotiations between these two companies to know whether the smaller firm will adopt full management control of the larger company and/or maintain the status quo.
Assets - In business and accounting, assets are everything of value that is owned by a person or company. Any property or object of value that one possesses, usually considered as applicable to the payment of one's debts is considered an asset; Any possession that has value in an exchange; Property of value, property having an economic benefit.
Audit – Meant to expose potential issues, an audit is used to verify if an organization has any flaws in its internal processes.
Auditing - To audit is to gather information regarding all financial records and systems. Sound and reliable auditing reassures the public that the company under investigation is providing accurate and credible financial data. American Star Accounting Corporation has Auditing services tailored for your organization. Transparency and authority is what singles out our team from the rest. More like a financial advisor, American Star Accounting Corporation auditors are your partners in building your business.
Auditing Firm - A company that specializes in performing auditing services for another company. This firm will usually outsource the expertise of their consultants to better facilitate the current auditing situation at the company under investigation.
Auditing Standards - Guidelines to which an auditor adheres. Auditing standards encompass the auditor's professional qualities, as well as his or her judgment in ..
Auditor - a qualified accountant who inspects the accounting records and practices of a business or other organization
Bad Debts - money owed to you that you can't collect; In financial accounting and finance, bad debt is the portion of receivables that can no longer be collected, typically from accounts receivable or ...; In financial accounting and finance, bad debt is the portion of receivables that can no longer be collected, typically from accounts receivable or loans. Bad debt in accounting is considered an expense.
Balance Sheet - a record of the financial situation of an institution on a particular date by listing its assets and the claims against those assets; In financial accounting, a balance sheet or statement of financial position is a summary of a person's or organization's balances. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. ...
Bank Financing - Cash is the lifeblood of any business and most businesses need some financial help to get started, grow and develop. Finance for business comes in three different forms – equity, grants and bank finance. Before approaching the bank, first investigate the other forms of finance – grants and financial supports – available to you. Once you have organized either a grant and/or equity, you are more likely to be successful with any application to your bank. As with securing funding from other sources, getting bank finance is essentially a selling exercise – you need to sell the concept of your business idea to the bank. Banks will assess the levels of risk of your proposal and need to satisfy themselves that the potential rewards match the risk – ultimately, does your proposed business venture have the capacity to repay the debt.
Bank Reconciliation - Bank reconciliation is the process of comparing and matching figures from the accounting records against those shown on a bank statement. ... The result is that any transactions in the accounting records not found on the bank statement are said to be outstanding. Taking the balance on the bank statement adding the total of outstanding receipts less the total of the outstanding payments this new value should (match) reconcile to the balance of the accounting records. Bank reconciliation allows companies or individuals to compare their account records to the bank's records of their account balance in order to uncover any possible discrepancies. Discrepancies could include: cheques recorded as a lesser amount than what was presented to the bank; money received but not lodged; or payments taken from the bank account without the business's knowledge. A bank reconciliation done regularly can reduce the number of errors in an accounts system and make it easier to find missing purchases and sales invoices.
Bank Relationships and Financing - The most important aspect of every business, Bookkeeping is the technical phase of accounting. Bookkeeping goes through the process of recording, classifying and summarizing all transactions that are all done in a systematic manner. Through the financial reports generated from an efficient bookkeeper, these reports provide management with an overview of its current financial position. A good bookkeeper is methodical, accurate, and delivers on time.
Basic Accounting - accounting is based on 5 basic account types: Assets, Liabilities, Equity, Income and Expenses.
Bookkeeper - Traditionally, bookkeepers were given the task of keeping track of cash flows, billing and credit lines. However, with the evolution of business and the constant demand of consumers, a typical bookkeeper’s role is now parallel to a financial advisor and business partner. American Star Accounting Corporation offers expert bookkeepers to tend to your business needs. BY availing the services of our consultants, you not only get sound financial advice but a business strategist that will straighten your books and make your money work for you.
Bookkeeping - The most important aspect of every business, Bookkeeping is the technical phase of accounting. Bookkeeping goes through the process of recording, classifying and summarizing all transactions that are all done in a systematic manner. Through the financial reports generated from an efficient bookkeeper, these reports provide management with an overview of its current financial position. A good bookkeeper is methodical, accurate, and delivers on time.
Bookkeeping Service - Bookkeepers are required to be tenacious and detail oriented. No matter how small the company the bookkeeper is working for, his job is to track down and rectify any discrepancies investigated in the accounting books. American Star Accounting Corporation offers full-service Bookkeeping services which includes: Accounts Payable, Accounts Receivable, General Ledger Entries, and Bank Reconciliations.
Budget - The budget of a company is often compiled annually, but may not be. A finished budget, usually requiring considerable effort, is a plan for the short-term future, typically one year. While traditionally the Finance department compiles the company's budget, modern software allows hundreds or even thousands of people in various departments (operations, human resources, IT etc) to list their expected revenues and expenses in the final budget. If the actual figures delivered through the budget period come close to the budget, this suggests that the managers understand their business and have been successfully driving it in the intended direction. On the other hand, if the actuals diverge wildly from the budget, this sends an 'out of control' signal, and the share price could suffer as a result.
Business - refers to any company or institution offering services or goods for purchase; commercial enterprise: the activity of providing goods and services involving financial and commercial and industrial aspects; "computers are now widely used in business
Business Documents
Business Entity Concept - The concept that assumes that accounting applies to individual economic units and that each unit is separate and distinct from the persons who ...
Business Papers - Office papers such as reprographic paper, letterhead, and envelopes designed to run in copiers and laser and ink-jet printers.
Business Transactions - Economic activity or event that initiates the accounting process of recording it in the firm's accounting system; an economic event or activity that initiates the accounting process or recording it in the firm's accounting system.
Business Valuation - It is the process and set of systematic measures that are used to calculate the economic value of a particular business. Business valuation involves the estimation of the business about to be sold. This estimation includes the accurate price of the business plus the selling price the owner is going for. However, when it comes to business valuation, the inevitable and most important question is – How much is the business really worth? Before selling or buying a particular business, consult an accountant or financial adviser first. American Star Accounting Corporation is business to business experienced and our consultants offer professional business valuation services.
Capital - wealth in the form of money or property owned by a person or business and human resources of economic value
Capital merger - The uniting of money and/or property of a company
Capital Statement - The financial report that summarizes all the changes in owner's equity that occurred during a specific period.
Cash - Cash refers to money in the physical form of currency, such as banknotes and coins; Money in the form of notes/bills and coins, as opposed to cheques/checks or electronic transactions; Money; Cash register;
Cash Flow Statement - a cash flow statement, also known as statement of cash flows or funds flow statement, is a financial statement that shows how changes in balance sheet and income accounts affect cash and cash equivalents, and breaks the analysis down to operating, investing, and financing activities.
Budget - The budget of a company is often compiled annually, but may not be. A finished budget, usually requiring considerable effort, is a plan for the short-term future, typically one year. While traditionally the Finance department compiles the company's budget, modern software allows hundreds or even thousands of people in various departments (operations, human resources, IT etc) to list their expected revenues and expenses in the final budget. If the actual figures delivered through the budget period come close to the budget, this suggests that the managers understand their business and have been successfully driving it in the intended direction. On the other hand, if the actuals diverge wildly from the budget, this sends an 'out of control' signal, and the share price could suffer as a result.
Contact us today to learn more about American Star Accounting Corporation’s professional auditing, tax preparation, and accounting services:
American Star Accounting Corporation
Tel. 818.592.0080
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