Management Consulting  Glossary

Glossary of Terms
 
ACCOUNTS PAYABLE
Trade accounts of businesses representing obligations to pay for goods and services received. 

 

ACCOUNTS RECEIVABLE
Trade accounts of businesses representing moneys due for goods sold or services rendered evidenced by notes, statements, invoices, or other written evidence of a present obligation. 

 

ACCOUNTING  
The recording, classifying, summarizing, and interpreting in a significant manner and in terms of money, transactions, and events of a financial character. 

 

ASSUMPTIONS  
The act of assuming/undertaking another's debts or obligations. 

 

AUCTION 
A public sale of goods to the highest bidder. 

 

AUTOMATIC DATA PROCESSING 
Data processing largely performed by automatic means.
The discipline which deals with methods and techniques of automatic data processing.
Pertaining to data processing equipment such as electrical accounting machines and electronic data processing equipment. 

BANKRUPTCY  
A condition in which a business cannot meet its debt obligations and petitions a federal district court for either reorganization of its debts or liquidation of its assets. In the action the property of a debtor is taken over by a receiver or trustee in bankruptcy for the benefit of the creditors. This action is conducted as prescribed by the National Bankruptcy Act, and may be voluntary or involuntary.