income summary account
An account used to measure net income or net loss, it showing a credit balance if net income has been earned for the period or a debit balance if a ne [...]
general journal
A journal that lists all events that are not included in specialized journals, used for cash receipts, cash payments and other common transactions. [...]
general ledger
A summary book that shows the balances of all the firm’s asset, liability, equity, income revenue and expense accounts. [...]
financial accounting
Accounting performed to provide information on a company through financial statements provided to interested parties outside the business (e.g., credi [...]
double-entry bookkeeping
The recording of transactions and events by making bookkeeping entries in at least two accounts, whereby the total of the debit entries is equal to th [...]
deferral
The postponement of the recognition of revenue (i.e., cash has been received but revenue has not yet been earned) or the postponement of the recogniti [...]
