4. Consider these 21 accounting terms that every small business owner should know. What is the definition of parent company? A parent doesn’t have to own 100% of the subsidiary. At Least Two Accounts for Every Transaction. A company profile is a statement that describes a business essential elements. The account names are listed in the chart of accounts in the same order in which they appear in company’s financial statements. The chart of accounts lists the accounts that are available for recording transactions. It only has to own the controlling interest. In keeping with the double-entry system of accounting, a minimum of two accounts is needed for every transaction—at least one account is debited and at least one account is credited.. Definition: A parent company is a company that owns controlling interest in another company. 1. in return for goods and/or services they have delivered. ; Liabilities are obligations that it must pay, including things like lease payments, merchant account fees, accounts payable, and any other debt service. As the company pays off their AP, it decreases along with an equal amount decrease to the cash account. Studying up on the definition and correct usage of accounting terminology will allow you to communicate more efficiently with your financial team and appear more credible, thus preventing jargon from becoming a stumbling block. See Represent a Client.. Business owners (including partners, directors, and officers) can access their GST/HST, payroll, corporation income taxes, excise taxes, excise duties and other levies accounts online.What can I do on My Business Account? Usually, the balance sheet accounts (i.e., assets, liabilities and owner’s equity) are listed first and income statement accounts (i.e., revenue and expense) are listed later. Accounts payable (AP) is an account within the general ledger that represents a company's obligation to pay off a short-term debt to its creditors … What Does Parent Company Mean? Accounts Payables, or AP, is the amount a company owes suppliers for items or services purchased on credit. Business accounting is important for a variety of reasons. What this accounting equation includes: Assets are all of the things your company owns, including property, cash, inventory, accounts receivable, and any equipment that will allow you to produce a future benefit. Accounts receivable A simple business accounting definition goes as follows: Business accounting is the process of gathering and analyzing financial information on business activity, recording transactions, and producing financial statements. Accounts payable (AP) Accounts payable (AP) definition: The amount of money a company owes creditors (suppliers, etc.) Accounting (ACCG) definition: A systematic way of recording and reporting financial transactions for a business or organization. It is a summary that communicates essential information about the entity. Definition: A company profile is a description of all the relevant elements of a business. What Does Company Profile Mean? 3. The accounts related to incomes, gains, expenses and losses are classified as nominal accounts.These accounts normally serve the purpose of accumulating data needed for preparing income statement or profit and loss account of the business for a particular period. Account definition is - a record of debit and credit entries to cover transactions involving a particular item or a particular person or concern. A corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities. Assets (fixed and current) (FA, CA) Employees and representatives can access an account on behalf of their employer or business clients. How to use account in a sentence. Most of these profiles are designed as marketing material for different purposes.