A loss from the worthlessness of a debt.

The amount owed to the IRS after subtracting total tax payments from the total tax liability on a tax return.

A report of the balances in all asset, liability, and owner's equity accounts at the end of the period.

The interest charge deducted in advance on a non-interest-bearing note payable.

A fee the bank charges for maintaining bank records and processing bank statement items for the depositor.

An itemized record of all the transactions in a depositor's account over a given period, usually a month.

A card issued by a bank that can be used to withdraw cash and to make payments for goods and services at many businesses in place of writing checks.

A fee charged for handling bank card sales slips; it is usually based on the total dollar volume of the bank card sales processed.

Any person or an organization with members or clients that contract with each other (or with the barter exchange), who jointly trades or barters property or services.

An exchange of property or services.

A year or period that is used for comparison in financial statements analysis.

The amount of an individual's investment in property for tax purposes.

The merchandise a business has on hand at the beginning of a fiscal period.

A person designated to receive all or a portion of a benefit after the owner dies.

A group of people, elected by the common stockholders, who are responsible for the affairs of a corporation.

The value of an asset at a specific point in time. For a plant asset, it equals the initial cost of the plant asset minus the accumulated depreciation.

The amount the business can reasonably expect to receive from all its charge customers.

Cash or fair market value of unlike property received in an exchange.

A business bad debt that is either of the following: created or acquired in the taxpayer's trade or business or closely related to the taxpayer's trade or business when it became partly or totally worthless (a debt is closely related to the taxpayer's trade or business if the taxpayer's primary motive for incurring the debt is business related).

The intangible value of technical manuals; training manuals or programs; data files; accounting or inventory control systems; customer lists; subscription lists; insurance expirations; patient or client files; and lists of newspaper, magazine, radio, and television advertisers.

Exists independently of its owner's personal holdings. The accounting records and reports are maintained separately and contain financial information related only to the business.

Costs that do not have to be capitalized or included in the cost of goods sold. To be deductible, business expenses must be both ordinary and necessary.

A business event, such as the buying, selling, or exchange of goods, that causes a change in the assets, liabilities, or owner's equity of a business.