Financial Terms Dictionary L Liability A liability is a debt that a business owes. Liabilities are one of the five types of accounts and are shown on the balance sheet. They are...

Financial Terms Dictionary M Managerial accounting Managerial accounting is the use of accounting information by managers to plan, evaluate, and control operations of the firm. Financial...

Financial Terms Dictionary N Net income Net income is total revenues minus total expenses. If the revenues are larger, the result is net income. If the expenses are larger, the result is...

Financial Terms Dictionary O Operating expense Operating expenses are costs associated with running a company. These expenses are also called general & administrative (G&A)...

Financial Terms Dictionary P Plant assets Plant assets are noncurrent physical assets used in business operations. Plant assets include land and buildings. Plant assets are also called...

Financial Terms Dictionary Q Quarterly report A quarterly report is a financial statement that covers three months or a quarter of the year. The SEC requires public companies to issue a...