Tag: transactions

Credit Sales

See Also: Trade Credit 5 Cs of Credit Collateralized Debt Obligations Cash Flow Statement Balance Sheet Credit Sales Definition In accounting, credit sales refer to sales that involve extending credit to the customer. The customer takes the product now and agrees to pay for it later. Credit sales are a type of trade credit. They

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Chart of Accounts (COA)

See also: Problems in Chart of Account Design Complex COA Number for SGA Expenses Example Chart of Accounts for Selling General and Administrative Account Reconciliation Account Reconcilement Definition Chart of Accounts Defined The chart of accounts (COA) is a listing of the general ledger accounts used by an organization to record transactions. For example, the

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Accounting Controls

See Also: Accounting Concepts Accounting Principles Accrual Based Accounting Accounting Income vs. Economic Income Audit Scope Accounting Controls Definition Accounting controls, defined as the company policies which result in valid accounting, are essential for every single company. They can come in many forms: policies for transactions, processing of statements, filing paperwork like invoices, communication between

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