Financial Accounting Terms Dictionary

U.S. GAAP Codification Accounting Topics

Financial Accounting Terms
Dictionary of Definitions and Examples

U.S. GAAP Codification Accounting TermsAccounting Textbooks
Financial Accounting Intermediate Accounting Advanced Accounting
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Financial Accounting Terms: Definitions and Examples

Accounting Changes and Error Corrections
   Change in accounting principles
   Change in accounting estimates
   Change in reporting entity
   Correction of prior period errors
   Retrospective application
   Prospective application
   Retrospective restatement

Accounting Cycle
   Recording process of accounting transactions
   Accounting journal entry
   Petty Cash Journal Entries 
   Accounting journal
   General ledger
   Subsidiary ledger
   Posting of accounting transactions
   Chart of accounts
   Real accounts
   Nominal accounts
   Permanent accounts
   Temporary accounts
   Closing journal entries
   Adjusting journal entries
   Trial balance
   Financial statements
   Balance sheet
   Income statement 
Accounting Equation
Accrual Basis Accounting
   Cash basis accounting
   Accrued expenses
   Deferred expenses
   Accrued revenue
   Deferred revenue
Accounts Receivable

Notes Receivable

Balance Sheet 
   Statement of financial position
   Current assets
   Noncurrent assts
   Current liabilities
   Noncurrent liabilities
   Stockholders' equity
Bank Reconciliation 

Business Combinations
   Acquisition method
   Gain from bargain purchase

Consolidated Financial Statements
   Noncontrolling interests
   Push-down accounting
   Variable interest entities (VIE)
   Special purpose entities (SPE)

Contingent Liabilities
   Loss contingencies
   Gain contingencies
Deferred Taxes
   Deferred tax assets
   Deferred tax liabilities
   Straight-line depreciation method
   Declining-balance depreciation method
   Sum-of-the-years'-digits depreciation method 
   Output based depreciation method
Derivatives and Hedging
   Financial derivatives
   Fair value hedges
   Cash flow hedges
   Foreign currency hedges
   Hedges of investments in foreign operations
Discontinued operations
   Assets held for sale
Earning per Share (EPS)
   Basic earnings per share
   Diluted earnings per share
   If-converted method
   Treasury stock method

Fair Value
   Fair value measurement
   Level 1 inputs
   Level 2 inputs
   Level 3 inputs
   Fair value option
   Fair value disclosures

Financial Instruments
   Financial assets
   Financial liabilities
   Sale of financial assets
   Transfer of financial assets
   Servicing assets
   Servicing liabilities

Foreign Currency
   Exchange rate
   Translation of financial statements 
Users of Accounting Information

Financial Accounting Terms: Definitions and Examples
Impairment of Assets
   Impairment of goodwill
   Impairment of a loan 
Income Statement 
   Multiple-step income statement
   Gross profit
   Selling, general and administrative expenses
   Operating income
   Non-operating income
   Non-operating expenses
   Income from continuing operations
   Discontinued operations
   Extraordinary items
   Income taxes expense
   Deferred income taxes
   Net income
   Comprehensive income
   Other comprehensive income

Income Taxes
   Internal revenue code
   Tax rate
   Income taxes payable
   Permanent differences
   Temporary differences
   Deferred tax assets
   Deferred tax liabilities

Intangible Assets
   Gain from bargain purchase

Interim Financial Statements

   Goods in transit
   Consigned goods
   First-in First out, FIFO
   Last-in First out, LIFO
   Weighted average cost method
   Dollar value LIFO
   Gross profit method
   Retail inventory method
   Perpetual inventory system
   Periodic inventory system

Investments in Debt and Equity Securities
   Trading securities
   Held-to-maturity securities
   Available-for-sale securities

Investments - Equity Method
Investments in Subsidiaries 

   Operating lease
   Capital lease
   Sales-type lease
   Direct financing lease
   Sale and leaseback transactions
   Leveraged lease
   Accounting for lessee
   Accounting for lessor
   Bargain purchase option
   Minimum lease payments
   Lease term  

Financial Accounting Terms: Definitions and Examples
Long-term Liabilities
   Bonds payable
   Discount on bonds payable
   Premium on bonds payable
   Amortization of discount
   Amortization of premium
   Effective interest method
   Projected benefit obligation (PBO)
   Accumulated benefit obligation (ABO)
   Net pension cost
   Service cost
   Prior service cost
   Plan assets
   Actuarial gains and losses
Property, plant and equipment
   Capital expenditure
   Revenue expenditure
   Capitalization of interest costs 
   Nonmonetary asset exchange
   Disposal of assets
   Accounts receivable
   Notes receivable
   Imputation of interest
   Allowance for doubtful accounts
   Bad debts expense
   Transfer of receivables
Research and Development Expenditures
   Advertising costs
   Software development costs
Revenue Recognition
   Multiple element revenue arrangements
   Construction contracts
   Percentage of completion method
   Completed contract method
   Installment sales method
   Software revenue recognition

Segment Reporting
   Operating segments

Share-based payments
   Equity-settled share-based payments
   Cash-settled share-based payments

Statement of Cash Flows
   Cash provided by (used for) operating activities
   Cash provided by (used for) investing activities
   Cash provided by (used for) financing activities
   Direct method
   Indirect method
   Non-cash revenue and expenses

Stockholders' Equity 
   Common stock
   Preferred stock
   Convertible preferred stock
   Participating preferred stock
   Non-participating preferred stock
   Paid-in capital
   Additional paid-in capital
   Par value of stock
   Treasury stock
   Retained earnings
   Dividends payable
   Stock dividend
   Stock split   

U.S. GAAP by Codification Topic 
 105  GAAP Hierarchy 
 105  GAAP History 

 205  Presentation of Financial Statements 
 205-20 Discontinued Operations 
 210  Balance Sheet 
 210-20 Offsetting 
 220  Comprehensive Income 
 225  Income Statement 
 225-20 Extraordinary and Unusual Items 
 230  Statement of Cash Flows 
 250  Accounting Changes and Error Corrections 
 260  Earnings per Share 
 270  Interim Reporting
 310  Impairment of a Loan
 320  Investment Securities 
 320  Other-Than-Temporary Impairments, FSP FAS 115-2 
 320-10-05 Overview of Investments in Other Entities 
 320-10-35 Reclassification of Investments in Securities
 323-10 Equity Method Investments
 323-30 Investments in Partnerships and Joint Ventures 
 325-20 Cost Method Investments 
 330  Inventory

 340-20 Capitalized Advertising Costs 
 350-20 Goodwill 
 350-30 Intangibles Other than Goodwill 
 350-40 Internal-Use Software 
 350-50 Website Development Costs 
 360  Property, Plant and Equipment
 360-20 Real Estate Sales 
 410  Asset Retirement and Environmental Obligations 
 420  Exit or Disposal Cost Obligations 
 450  Contingencies 
 450-20 Loss Contingencies 
 450-30 Gain Contingencies
 480  Redeemable Financial Instruments 

 505-20 Stock Dividends, Stock Splits 
 505-30 Treasury Stock 

 605  SEC Staff Accounting Bulletin, Topic 13 
 605-25 Revenue Recognition - Multiple Element Arrangements 
 715-30 Defined Benefit Plans - Pension
 718  Share-Based Payment 
 730  Research and Development 
 730-20 Research and Development Arrangements 

 805  Business Combinations  
 810  Consolidation 
 810  Noncontrolling Interests 
 810  Consolidation of Variable Interest Entities, SFAS 167 
 815  Derivatives and Hedging Overview 

 820  Fair Value Measurements  
 820  Fair value when the markets are not active, FSP FAS 157-4
 825  Fair Value Option 

 830  Foreign Currency Matters 
 830-20 Foreign Currency Transactions 
 830-30 Translation of Financial Statements 
 835  Interest 
 835-20 Capitalization of Interest 
 835-30 Imputation of Interest 

 840  Leases 
 840-20 Operating Leases 
 840-30 Capital Leases 
 840-40 Sale-Leaseback Transactions
 845  Nonmonetary Transactions 

 855  Subsequent Events 
 860-20 Sale of Financial Assets, SFAS 166 
 860-50 Servicing Assets and Liabilities, SFAS 156 

 985-20 Costs of software to be sold  

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