Subsidiary Ledger A ledger separate from the general ledger; contains a group of related accounts the total of whose balances equal the balance of a controlling account in the general ledger. T Account A form of an account which has a physical resemblance to the letter T; used to analyze transactions. Tangible Assets Long-term assets that have physical substance (e.g. equipment, automobiles). Tax Liability The amount of tax that must be paid based on taxable income and the applicable tax table. Trial Balance A listing of accounts in the general ledger with their debit or credit balances in respective columns and a totaling of the columns; used to test the equality of debit and credit balances in the ledger. Uncollectible Accounts The accounts received from customers who cannot or will not pay. Unearned Revenue A revenue received in advance for which the goods will not be delivered or the services performed during the current accounting period; a liability account. Vertical Analysis The calculation of percentages to show the relationship of the component parts of a financial statement to the total in the statement. Voucher A written authorization prepared for each expenditure in a voucher system Working Capital The amount by which the total current assets exceed total current liabilities. Work in Process Inventory An inventory account unique to the manufacturing or production area to which all manufacturing costs incurred and assigned to products are charged. The balance at a period-end represents all costs assigned to goods partially completed at that particu
Posted on: Tue, 03 Sep 2013 07:05:29 +0000
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