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BRIEF INTRODUCTION
A review of this masterpiece on accounting terminology shows that it will be a gross
understatement to say that the book is a simple explanation of salient accounting terminology. ...
In this review more accounting terminology associated with budget would be given with vivid
explanation and clarity.
Thus, apart from the numerous accounting and business finance related terms that has been
stated and well explained in the book by Ntiedo Ekpo, more have also been added to further
increase/widen the boundaries of knowledge. ... These are allocable to the sponsored
agreement, consistently treated by the accounting system, and conform to all other
requirements in the cost principles and the sponsored agreement. ...
A listing of all accounts within the financial accounting system. ...
When the final distribution of the expense or income is unknown at the time the expense
or revenue is incurred, a clearing account is used to expedite the processing of
accounting transactions. ...
The methods for accounting for direct costs. ... The process of
zeroing out or refreshing accounts for the next accounting period. ... ”
Fund Number:
Self-balancing accounting entity consisting of assets, liabilities, and fund balance;
consists of the division, fund class, and fund identification. ...
Fund Type:
A classification of funds for the purpose of specifying accounting attributes.
GAAP and other accounting authorities specify the fund types in general use and the
appropriate accounting method, use of budgetary or proprietary accounts, and other
attributes. ...
GL Date:
The end date of an accounting period in which costs or revenue are transferred to the
General Ledger
Incremental Funding:
A method of funding contracts providing specific spending limits below the total
estimated costs. ... The
Operating Budget accounts are used to record accounting transactions for these core
activities and are developed each fiscal year.
Payroll:
The accounting records of employees wages, salary, bonuses, taxes, and net pay. ...
CONCLUSION:
Why this above accounting terminology is not exhaustible in the field of
accounting or finance related management but, serves as an addendum to the book
written by Ntiedo Ekpo.
Approximate Word count = 2257
Approximate Pages = 9
(250 words per page double spaced)
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