Renaissance for LEADERS

Peak Performance Resources for Leaders by Leaders

glossary

Accounting

The language of money, investing and business is the language of accounting, which is the systematic and comprehensive recording of financial transactions pertaining to a person, partnership or business. It includes the process of summarizing, analyzing and reporting these transactions to the persons managing the finances, as well as government and tax agencies. Accounting is one of the key functions of business and depending on the size and volume of transactions, it may be handled by a bookkeeper, accountant or teams of bookkeepers and accountants.

Acknowledgment

1. A means of recognizing someone’s or something’s presence or existence. 2. A response or answer letting someone or something know that you have received and understood their communication.

Action

1. The state or process of doing something. 2. A movement or series of movements.

Active Income

Income for which services have been performed. This includes wages, tips, salaries, commissions and income from businesses in which there is material participation.

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