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Accounting At Your Fingertips, 2e by George Murray, CPA.

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A

Glossary

absorption (or full) costing Including all costs associated with production in determining inventory value.

accounting cycle The time period from the execution of a transaction to its ultimate reflection in the financial statements.

accounts payable (A/P) Amounts owed to suppliers and other creditors that must be paid within a certain period.

accounts receivable (A/R) A verbal promise by a customer to pay the seller an amount by a certain time.

accounts receivable aging schedule A way of categorizing receivables to see how much is outstanding and for what period of time. With this, you can see who is paying, who isn’t, and what amounts ...

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