... Glossary oF Accounting, Finance and Economic Terms Accounting–pages1‐7 and 8 Finance –page7Economics–page7ACCOUNTING:http://www.alpineguild.com /glossary_ of_ important.htmAccount‐‐arecord of financialtransactions;usuallyreferstoaspecificcategoryortype,suchastravelexpenseaccountorpurchaseaccount.Accountant‐‐apersonwhotrainedtoprepare and maintainfinancialrecords.Accounting‐‐asystemforkeepingscoreinbusiness,usingdollars.Accountingperiod‐‐theperiod of timeoverwhichprofitsarecalculated.Normalaccountingperiodsaremonths,quarters, and years(fiscalorcalendar).Accountspayable‐‐amountsowedbythecompanyforthegoodsorservicesithaspurchasedfromoutsidesuppliers.Accountsreceivable‐‐amountsowedtothecompanybyitscustomers.Accrualbasis,system,ormethod‐‐anaccountingsystemthatrecordsrevenues and expensesatthetimethetransactionoccurs,notatthetimecashchangeshands.Ifyoubuyacoat and chargeit,thestorerecordsoraccruesthesalewhenyouwalkoutwiththecoat,notwhenyoupayyourbill.Cashbasisaccountingisusedbyindividuals.Accrualbasisaccountingisusedbymostbusinesses.Accruedexpenses,accruals‐‐anexpensewhichhasbeenincurredbutnotyetpaidfor.Salariesareagoodexample.Employeesearnoraccruesalarieseachhourtheywork.Thesalariescontinuetoaccrueuntilpaydaywhentheaccruedexpense of thesalariesiseliminated.Aging‐‐aprocesswhereaccountsreceivablearesortedoutbyage(typicallycurrent,30to60daysold,60to120daysold, and soon.)Agingpermitscollectioneffortstofocusonaccountsthatarelongoverdue.20 ... framework of the TRUST instrument. Dissolution - Termination of a CORPORATION. Distribution Expense - Expense of selling, advertising, and delivery of goods and services. 1 Glossary oF Accounting, Finance and Economic Terms Accounting–pages1‐7 and 8 Finance –page7Economics–page7ACCOUNTING:http://www.alpineguild.com /glossary_ of_ important.htmAccount‐‐arecord of financialtransactions;usuallyreferstoaspecificcategoryortype,suchastravelexpenseaccountorpurchaseaccount.Accountant‐‐apersonwhotrainedtoprepare and maintainfinancialrecords.Accounting‐‐asystemforkeepingscoreinbusiness,usingdollars.Accountingperiod‐‐theperiod of timeoverwhichprofitsarecalculated.Normalaccountingperiodsaremonths,quarters, and years(fiscalorcalendar).Accountspayable‐‐amountsowedbythecompanyforthegoodsorservicesithaspurchasedfromoutsidesuppliers.Accountsreceivable‐‐amountsowedtothecompanybyitscustomers.Accrualbasis,system,ormethod‐‐anaccountingsystemthatrecordsrevenues and expensesatthetimethetransactionoccurs,notatthetimecashchangeshands.Ifyoubuyacoat and chargeit,thestorerecordsoraccruesthesalewhenyouwalkoutwiththecoat,notwhenyoupayyourbill.Cashbasisaccountingisusedbyindividuals.Accrualbasisaccountingisusedbymostbusinesses.Accruedexpenses,accruals‐‐anexpensewhichhasbeenincurredbutnotyetpaidfor.Salariesareagoodexample.Employeesearnoraccruesalarieseachhourtheywork.Thesalariescontinuetoaccrueuntilpaydaywhentheaccruedexpense of thesalariesiseliminated.Aging‐‐aprocesswhereaccountsreceivablearesortedoutbyage(typicallycurrent,30to60daysold,60to120daysold, and soon.)Agingpermitscollectioneffortstofocusonaccountsthatarelongoverdue.20 ... use property under the terms of a LEASE. Lessor - Owner of property, the temporary use of which is transferred to another (LESSEE) under the terms of a LEASE. Letter of Credit - Conditional...