Glossary of Terms: Monroe Printing Calculators & Accounting Basics

Your Guide to Accounting and Monroe Printing Calculator Terminology

Whether you're new to accounting or a seasoned professional using Monroe printing calculators, this glossary provides clear definitions of essential terms you'll encounter. From financial reporting and calculator functions to bookkeeping basics, our guide helps you better understand the language of business, improve accuracy, and streamline your workflow.

Glossary
Account Balance - the net amount of funds available in a financial account, often calculated by subtracting debits from credits.	Accounting - the systematic process of recording, analyzing, and reporting financial transactions of a business or individual.	Accounts Payable - the money a company owes to suppliers for products and services purchased on credit	Accounts Receivable - the money owed to a company by its customers for goods or services delivered on credit.
Accounts Reconciliation - the process of ensuring financial records are accurate and consistent by comparing different sets of data.	Accrual Basis Accounting - an accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged.	Adjustment Entry - an entry made at the end of an accounting period to update account balances before financial statements are prepared.	Allowance for Doubtful Accounts - a contra-asset account used to estimate the portion of receivables that may not be collected.
Amortization - the gradual reduction of a debt over a period of time through regular payments.	Asset - any resource owned by an individual or business that has economic value.	Audit - an official inspection of an individual's or organization's accounts, typically by an independent body.	Audit Trail - a step-by-step record showing the history of financial transactions for accountability.
Balance Sheet - a financial statement that reports a company's assets, liabilities, and equity at a specific point in time.	Bank Reconciliation - the process of matching and comparing figures from accounting records against those presented on a bank statement.	Batch Posting - entering a group of transactions into the accounting system simultaneously.	Book Value - the value of an asset as recorded on the company's books, calculated as cost minus depreciation.
Break-Even Point - the production level at which total revenues equal total expenses.	Budget - an estimate of income and expenditure for a set period of time.	Calculator Ribbon - the inked strip used in Monroe printing calculators to print numbers on paper rolls.	Calculator Roll - a roll of paper used in printing calculators to provide a physical record of transactions or calculations.
Capital - a financial assets or the financial value of assets, such as cash and equipment.	Carryover - an amount transferred from one accounting period to another.	Cash Flow - the net amount of cash moving into and out of a business.	Chart of Accounts - an organized listing of all accounts in the general ledger, categorized by type.
Clear Key - a button on a Monroe printing calculator that resets the current calculation or display.	Contra Account - an account that reduces the balance of a related account, such as accumulated depreciation.	Cost of Goods Sold (COGS) - the direct costs attributable to the production of goods sold by a company.	Credit - an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
Cumulative Print - a function in Monroe calculators that allows users to print a running total or accumulation of entries.	Current Asset - an asset that is expected to be converted into cash or used up within one business year.	Current Liability - a company's debts or obligations that are due within one year.	Data Entry - the process of inputting financial or numerical information into an accounting system or calculator.
Day Book - a book of original entry used to record daily financial transactions in chronological order.	Debit - an accounting entry that increases an asset or expense account, or decreases a liability or equity account.	Depreciation - the allocation of the cost of a tangible asset over its useful life.	Double-Entry Accounting - an accounting method where every entry to an account requires a corresponding and opposite entry to a different account.
Encumbrance - a commitment to spend money in the future, typically used in budgeting and government accounting.	Equity - the value remaining in a company after subtracting liabilities from assets.	Expense - the costs incurred in the process of earning revenue.	Expense Report - a document that tracks business-related expenses submitted for reimbursement.
Fiscal Year - a 12-month period used for financial reporting and budgeting.	Fixed Asset - a long-term tangible piece of property or equipment that a firm owns and uses in its operations.	Footing - the process of adding a column of figures to verify totals, often printed using calculators.	Function Key - a specialized key on a Monroe calculator used to perform specific functions such as tax calculation or subtotal.
Function Lock - a feature on Monroe calculators that locks in a specific mode or function for repeated use.	General Ledger - a complete record of all financial transactions over the life of a company.	Gross Margin - the difference between revenue and cost of goods sold, expressed as a percentage of revenue.	Gross Profit - the revenue minus the cost of goods sold, excluding other expenses.
Historical Cost - the original monetary value of an asset at the time of purchase.	Income Statement - a financial document that shows a company's revenues and expenses over a specific period, resulting in net profit or loss.	Inventory - the goods and materials that a business holds for the purpose of resale.	Invoice - a document issued by a seller to a buyer indicating quantities, prices, and terms of a sale.
Item Count - the number of entries input into a calculator, often displayed or printed for review.	Journal Entry - a record of a financial transaction in the accounting journal that includes date, amount, and accounts affected.	Ledger - a book or digital record that contains all financial accounts and transactions of a business.	Liability - a company's legal debts or obligations arising from business operations.
Manual Entry - a data input method where values are entered by hand rather than imported from software.	Markup - the amount added to the cost price of goods to cover overhead and profit.	Monroe Calculator - a high-performance calculator manufactured by Monroe Systems for Business, known for its reliability in business and accounting settings.	Net Income - the total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue.
Net Worth - the value of all assets owned minus the total of all liabilities owed.	Non-Current Asset - an asset that is not expected to be converted into cash or consumed within one year.	Number Crunching - the act of performing extensive calculations or data analysis, often using a Monroe printing calculator.	Opening Balance - the amount of money or value in an account at the beginning of a new accounting period.
Operating Expense - the costs required for the day-to-day functioning of a business.	Overhead - ongoing business expenses not directly attributed to creating a product or service.	Payroll - the total amount of wages paid to employees, including withholdings and benefits.	Petty Cash - a small amount of cash kept on hand for minor or incidental expenses.
Posting - the act of transferring journal entry details into individual accounts in the ledger.	Posting Reference - a notation in a ledger or journal that links related entries across records.	Principal - the original amount of a loan or investment, not including interest or earnings.	Print Speed - the rate at which a Monroe printing calculator can produce printed output, typically measured in lines per second.
Printing Calculator - a calculator with an integrated printer used for producing hard copies of numeric entries and calculations.	Profit and Loss Statement - a financial report summarizing revenues, costs, and expenses during a specific period.	Receipt - a document acknowledging that payment has been received for a product or service.	Reconciliation - the process of comparing financial records to ensure consistency and accuracy.
Return on Investment (ROI) - a measure used to evaluate the efficiency or profitability of an investment.	Revenue - the total income generated by a company from its business activities.	Rollover Bar - a physical component on Monroe printing calculators used to guide the paper roll through the machine.	Running Total - a continuously updated sum that adds new values as they are entered.
Service Charge - a fee charged for performing a particular service, often added to transactions or accounts.	Source Document - the original record containing the details to support a financial transaction, such as invoices or receipts.	Subtotal Key - a calculator key that prints or displays the sum of a series of numbers without clearing the current calculation.	T-Account - a visual aid used in accounting to represent individual ledger accounts, shaped like the letter 'T'.
Tax Key - a pre-programmed key on Monroe calculators used to quickly apply tax calculations.	Trial Balance - a bookkeeping report that lists the balances of all general ledger accounts to check mathematical accuracy.	Two-Color Printing - a feature in Monroe calculators allowing printing in black and red to differentiate positive and negative entries.	Uncollectible Account - an account receivable that is determined to be non-recoverable and written off as a bad debt.
User Manual - a guide provided with Monroe calculators detailing usage, features, and troubleshooting.	Variable Cost - a cost that changes in proportion to production output or sales volume.	Variance - the difference between budgeted and actual figures in financial performance.	Verification Tape - a printed tape used to confirm accuracy of entries and totals on a Monroe calculator.
Vertical Analysis - a method of financial analysis where each line item is listed as a percentage of a base figure.	Voucher - a document that serves as proof of a business transaction and authorizes payment.	Working Capital - the difference between a company's current assets and current liabilities.	Write-Off - an accounting action to remove an uncollectible account or expense from the books.
Year-End Closing - the process of finalizing accounting records at the end of a fiscal year.	Yield - the income return on an investment, typically expressed as a percentage.	Z-Tape - a complete printout of sales data from a calculator or register, often used for closing reports.	Zero Balance Account - a checking account maintained at a zero balance to manage disbursements from a central account.