Basic/General Accounting

Items

• details

  The elements of something, the small things that make up the whole.
• detective control

  Detective control seeks to uncover fraud
• diminishing

  Becoming smaller or less important over time.
• diminishing balance method

  An accelerated depreciation method that calculates depreciation as a percentage of the asset’s carrying amount. The depreciation amount decreases each year as the asset’s carrying amount decreases.
• direct material cost

  Cost of the raw materials and components used to create a product.
• director

  Person appointed to oversee the management of a company.
• direct deposit

  The deposits of funds electronically into a bank account, the digital movement of money from one bank account to another.
• director fees

  Payments that a company makes to its directors for their services.
• direct materials

  The raw materials and components that are used to produce a finished product.
• disposal

  The process of getting rid of something.
• distribution

  The process of making a product or service available to consumer or businesses.
• discount

  To reduce the usual price of something.
• discount received

  When the buyer of goods and services is granted a discount by the seller.
• diversification

  Is a common investing strategy used to reduce chances of experiencing big losses by mixing a wide variety of investments within a portfolio.
• dividends

  The distribution of a company’s earnings/profits to its shareholders.
• division

  Segments of a business.
• double entry system

  Every transaction requires two entries, one debit and one credit entry.
• drawings

  Anything the owner takes from the business.
• durable goods (n)

  Goods that are typically expensive and durable and they are not consumed immediately.
• earnings per share

  Financial ratio that measures a company’s profit per share.
• economic decision

  Is a choice that is made based on the allocation of scarce resources.
• economic goods

  Goods and services that are scarce and require human effort to obtain, also known as scarce goods.
• economic inequalities

  The unequal distribution of income, wealth and opportunity within a society.
• economic problem

  The fundamental challenge facing all societies, which is how to satisfy unlimited wants and needs with limited resources.
• economic system

  Set of rules and institutions that determine how a society produces, distributes, and consumes goods and services.