No matter what profession you are following, you will need to learn the language used in your field or industry. All industries have their own exclusive blend of terms, acronyms and abbreviations.
If you want to fully understand the industry and your organization in order to do your job efficiently, it’s important you understand this language from the start.
"Accounting is the language of business. Knowing the language is critical for success in any corporate function because the information is communicated using these terms. Because of the unique language, it's not un common for even the experience to get confused on the various labels. Accounting and Bookkeeping is as complicated as you make it, so understanding the language is helpful.
An intern in the financial industry, is generally somewhat up to date on the terms, from any education or work experience. These rudimentary accounting terms, are important so learn and memorize them, if you can use before trying to explain to others. In time these "basics" will be second nature to you and you will be on your way to a promising career.
Basic Accounting Terms List
1. Accounts Receivable – AR
Definition: The amount of money owed by your customers after goods or services have been delivered and/or used. See how it works here.
Denver7 reporter Liz Gelardi tells us for the first time, the city of Denver has revoked to renew a license for a marijuana grow facility.
The Denver Channel, 7News, brings you the latest trusted news and information for Denver, Colorado, Mile High and the Rocky Mountains. Their mission is to provide useful, interesting news and updates on breaking news to people in the Denver metro area, all across the beautiful state of Colorado and all over the world.
Watch this breaking news video.
In 2012, nydailynews.com reported, "Socialite Denise Rich, whose ex-husband Marc Rich received a controversial presidential pardon from Bill Clinton, has renounced her U.S. citizenship — a move that would help her avoid the tax man here.
While 68-year-old Rich was born in Worcester, Mass., she was able to get her Austrian citizenship through her late father, Reuters reported Monday.
Rich’s spokeswoman confirmed she made the switch last November."
Watch this recent video about her New York apartment.
emergence - noun: The fact of something becoming known.
Logan Adair is an artist from a small town in Texas who creates “art from the heart.” He thoughtfully reﬂects on the world around him and then transfers those feelings onto a canvas with his trusted paintbrush and other artistic tools. Logan has only been painting for 3 years now and has just graduated from high school, yet he has collectors across the country and abroad. His artistic style may be reminiscent of other artists before him as his images, thoughts and colors collide into a wondrous youthful vision, but it is also Logan’s and there looks to be much promise in his resolute approach to his art. With such an auspicious beginning for this young man, his emergence seems almost a foregone conclusion.
NestEggg is pleased to sponsor this talented young man with refreshments and lots of fun! Please come meet Logan and see his latest works of art during our July Art Walk, 7/6, from 6 to 9 pm at Artize Gallery in the Backstreet Art District. 2600 S. Cherokee Way, Palm Springs, CA 92264
Self-insured employers, applicable large employers and health coverage providers are reminded that the June 30 deadline to electronically file information returns with the IRS is approaching. The deadline to provide information returns to employees or responsible individuals was March 31. While the deadline to file paper information returns with the IRS was May 31, electronic filers have more time. This chart provides a reminder about the upcoming filing requirement and the June 30, 2016 deadline.
*If you file 250 or more Forms 1095-B or Forms 1095-C, you must electronically file them with the IRS. Electronically filing ACA information returns requires an application process separate from other electronic filing systems. Additional information about electronic filing of ACA Information Returns is on the Affordable Care Act Information Reporting (AIR) Program page on IRS.gov and in Publications 5164 and 5165.
Attitudes towards the healing potential of pot are changing. First on "CBS This Morning," a new survey from Prevention magazine found that 75 percent of Americans think medical marijuana should be legal. Thirty-five percent would be "extreme" or very likely to use medical pot if advised by a doctor. CBS News medical contributor Dr. Holly Phillips joins "CBS This Morning" to discuss the debate.
In related news, one company is helping legal medical marijuana and cannabis entrepreneurs navigate business challenges with a specialty service, offering...
Cannabis Compliant Accounting + Tax
Day camps are common during the summer months. Many parents enroll their children in a day camp or pay for day care so they can work or look for work. If this applies to you, your costs may qualify for a federal tax credit. Here are 10 things to know about the Child and Dependent Care Credit:
1. Care for Qualifying Persons. Your expenses must be for the care of one or more qualifying persons. Your dependent child or children under age 13 generally qualify.
2. Work-related Expenses. Your expenses for care must be work-related. In other words, you must pay for the care so you can work or look for work. This rule also applies to your spouse if you file a joint return. Your spouse meets this rule during any month they are a full-time student. They also meet it if they are physically or mentally incapable of self-care.
QuickBooks makes creating invoices and getting paid easier than ever before. Make a great impression with custom invoices which can be created in seconds.
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As Wikipedia explains, "Sallie L. Krawcheck (born November 28, 1964) is the CEO and Co-Founder of Ellevest, a digital advisor for women to be launched in 2016. She is owner and Chair of Ellevate Network.Prior to this she was the president of the Global Wealth & Investment Management division of Bank of America. She has been known as one of the most senior women on Wall Street. Most recently she has been widely published in both social and more traditional media, focusing on Wall Street regulatory reform; she is also advising a number of start-ups.
Watch this related CNN Money video.
Reports DNews Plus, "In the 1970s, President Richard Nixon labeled marijuana a schedule 1 drug making any medical research on the drug almost impossible. So what do we know?"
DNews Plus is built for enthusiastic science fans seeking out comprehensive conversations on the geeky topics they love. Host Trace Dominguez digs beyond the usual scope to deliver details, developments and opinions on advanced topics like AI, string theory and Mars exploration. DNews Plus is also offered as an audio podcast on iTunes.
Here's one of their recent YouTube videos, and a fascinating one at that.
Reuters reports, "Sumner Redstone removed five of Viacom Inc's (VIAB.O) directors, including Chief Executive Philippe Dauman, from the board of the media company he controls on Thursday, a big step toward a potential management shake-up of the almost $20 billion company.
Dauman remains CEO for now and he and the other four will stay on the board until a Delaware court affirms the changes, but the move could be a prelude to the 93-year-old media mogul forcing Dauman out of the company entirely."
Watch this related Bloomberg Video.