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Accounting equation: The formula used to prepare a Balance Sheet: Assets = Liabilities + Equity. Accounts Payable: The money owed to a supplier or Creditor for delivered goods or completed services. The money is a liability of the business or organisation and will appear on the Balance Sheet.
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Glossary of accountancy terms. Ensuring that we have a shared understanding of accounting and auditing terms with our clients is crucial for effective and efficient communication. To help with this shared understanding, we’ve developed an alphabetical list of the most commonly used accounting words and phrases.
Accounting: The process of recording, analyzing, reporting and interpreting the financial affect of business activities. Accounting basis: Refers to how financial transactions are measured for recording purposes. i.e. cash basis vs accrual basis, historical cost basis, going concern basis.
This glossary is extracted from the International Financial Reporting Standards and International Accounting Standards that are published in this edition. These Standards were issued by the International Accounting Standards Board (Board) or its predecessor, the International Accounting Standards Committee.
Your accounting system produces financial statements; such as ... Balance sheet: Financial position as of a specific date. Income statement: Profit or loss for a stated time period. Statement of cash flows: Inflows and outflows for a month or year.
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Jun 5, 2014 · The definitions provided here are not technical and impenetrable, but instead informal and explanatory. So, for example, while several of the definitions are similar to those in international accounting standards, they differ wherever a more relaxed use of language helps to convey meaning.
With its authoritative and straightforward definitions and its wide-ranging coverage, this dictionary is essential for students and professionals in accounting and finance. It is also an ideal source of reference for anyone seeking a clear guide to the often-confusing world of accountancy terms.
