 Understanding the accounting language is important as a business owner. The accounting profession has many definitions and processes to reference depending on the industry of business. Below are a few vocabulary words to get you started thinking about your accounting system and establishing policies and procedures. Cost basis: Original cost of investment minus prior accumulated depreciation Goodwill: Purchase price less tangible value of physical assets purchased Net asset value: Cost basis minus accumulated depreciations (prior total depreciation) NSF: Non-sufficient funds, typically a returned check Unrealized gain & loss: Investment that has increased & decreased in value, but not yet sold A successful business owner understands their cost, asset worth and financial statements. Fontenot & Associates Solutions supports all business with establishing policies and procedures, visit our website today to learn more. Master your industry craft- Fontenot & Associates Solutions
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AuthorMy mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions. |
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