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28 Februari 2008

Ending Inventory - This is inventory figured at the end of the tax year and is used as the beginning inventory for the next year?s return.
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Entrepreneur - One who assumes the financial risk of the initiation, operation and management of a given business or undertaking.
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Equity - Equity is the net worth of a company, also known as Capital. ASSETS MINUS LIABILITIES=NET WORTH OR EQUITY. It is also known as capital for a sole proprietorship and for partnerships. Equity includes capital contributions by a sole proprietorship and capital contributions by a partnership. It also includes common stock issued by a corporation. Net income from a company increases equity while net losses reduces equity. Dividends paid by a corporation reduces equity. Treasury stock and stock dividends reduce equity of a corporation. Capital withdrawals reduce capital in a sole proprietorship and a partnership.
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Equity Account - ACCOUNT in the EQUITY section of the BALANCE SHEET. Includes CAPITAL STOCK, ADDITIONAL PAID IN CAPITAL and RETAINED EARNINGS.
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Equity Method of Accounting - Investors cost basis is adjusted up or down (in proportion to the % of stock ownership) as the investee's retained earnings fluctuation; used for long-term investments in equity securities of affiliate where holder can exert significant influence; 20% ownership or greater is arbitrarily presumed to have significant influence over the investee
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Expenditure - Payment, either in cash, by assuming a LIABILITY, or by surrendering ASSET.
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Expense Accounts - Expense accounts are the accounts a company uses to keep track of costs of doing business. When recording an expense transaction, it is a debit because it reduces capital. Expenses are included in the income statement or profit and loss statement. Expense accounts reduce income. Examples of expense accounts are salary and wages, payroll taxes, advertising, depreciation, and repairs and maintenance.
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Exposure Draft - Document issued by the AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS (AICPA), FINANCIAL ACCOUNTING STANDARDS BOARD (FASB), GOVERNMENTAL ACCOUNTING STANDARDS BOARD (GASB) or other standards setting authorities to invite public comment before a final pronouncement is issued.

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