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12 Cards in this Set
- Front
- Back
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American system
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Each party pays own costs of litigation
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Amortization
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Distribution of an amount into installments , so that it will be paid according to a schedule
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Accounting cycle
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The period over which financial records are kept
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Calender year
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Months not starting in January or some other period
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Accounts Payable
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Money owned to others and not yet paid
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Accounts Receivable
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Money owed for work performed by the firm for which a bill has been sent
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Accounts Receivable Schedule
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A monthly report showing how much money is owed by client
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Accrual Accounting
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This menthod of accounting is the "opposite"of cash basis acccounting
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Aging
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Anaysis of how lojng billings stay in accounts receivable before payment is recevied
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GAAP
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Generally accepted Accouting principles
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hours worked
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Many firms prepare this regular report to compare actual hours billed to the goals set for biling
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Icome
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Profits reamaining after expen
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