Accounting System Definition. Learn From Thousands of Free Online Videos and Resources. Master The Fundamentals of Finance With Finance Strategists. View Our Resources Here.
- Learn More About Us
Visit Our About Us Page
Learn More About Our Mission
- Accounting MCQs
Learn the Basics of Accounting
at No Cost.
- Investment Management
We Can Help You Choose The Right
Investment Plan For You.
- Learn More About Us
Search results
People also ask
Why is understanding accounting terms important?
What are the technicalities of risk measurement?
What is a liability in accounting?
May 12, 2023 · To help remove some of the mystery behind accounting language, this article will provide definitions and explanations for some of the most common Accounting Terms & Phrases. With this guide, you’ll better understand financial statements, reports, and conversations about your finances.
Our comprehensive list offers clear and concise definitions of the fundamental terms that shape businesses and drive financial reporting. From understanding assets and liabilities to deciphering income statements, this glossary will enhance your knowledge and empower you to make informed financial decisions.
Bookkeeping TermsDescription Of Bookkeeping TermsMoney owed from a customer for a sales ...AccountingProcess of keeping the business financial ...AccountsThe financial statement of a business in ...Accounts PayableMoney owed to a supplier from bills or ...a decision based only on a specific rule or rules and not on any other consideration: The case was dismissed on a technicality and will be retried at a later date. (Definition of technicality from the Cambridge Academic Content Dictionary © Cambridge University Press) Examples of technicality. technicality.
Learn what an income sheet is, its components, and how it helps businesses track financial performance and profitability. Use our accounting definitions guide to discover terms, meanings, and how specific accounting words are used by bookkeepers and CPA's.
- Accounts Payable. Accounts Payable refers to the money a company owes to its creditors or suppliers for goods and services purchased on credit. It represents a liability on the company's balance sheet until payment.
- Balance Sheet. The Balance Sheet is a financial statement that provides a snapshot of a company's financial position at a specific time. It presents the company's assets, liabilities, and shareholders' equity, enabling stakeholders to assess its financial health.
- Cash Flow. Cash Flow represents the movement of cash into and out of business over a specific period. It provides insights into a company's ability to generate cash and meet its financial obligations.
- Depreciation. Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the asset's value decrease due to wear and tear, obsolescence, or other factors.
Dive into the world of complex accounting terms. This comprehensive guide provides clear definitions, practical explanations, and real-world examples, demystifying the intricacies for professionals and advanced learners.
Accounting: The process of gathering and preparing financial information about a business or other organisation in a form that provides accurate and useful records and enables decisions to be made. Accounting cycle: This covers everything from opening the 'books' at the start of the year to closing them at the end.
