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- Accounts receivable (AR) Accounts receivable (AR) definition: The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used.
- Accounting (ACCG) Accounting (ACCG) definition: A systematic way of recording and reporting financial transactions for a business or organization.
- Accounts payable (AP) Accounts payable (AP) definition: The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.
- Assets (fixed and current) (FA, CA) Assets (fixed and current) definition: Current assets (CA) are those that will be converted to cash within one year.
Jan 24, 2023 · AM (Abbreviation for accounting manager) – The person who is responsible for managing a company’s accounts. AML (Anti-money laundering) – One of the essential accounting acronyms on an international level that signifies a set of laws and regulations designed to prevent financial institutions from being used to launder money or finance ...
Oct 26, 2018 · Getting confused by T-accounts, nominal ledgers and sales ledgers? We explain the difference between some of the most commonly used and confused terms in accounting.
Confused about what some accounting abbreviations mean? You’re in luck. Here are 50 of the most common accounting acronyms and abbreviations you should know.
- Financial Accounting
- Managerial Accounting
- Cost Accounting
- Tax Accounting
This is the practice of recording and reporting financial transactions and cash flows. This type of accounting is particularly needed to generate financial reports for the sake of external individuals and government agencies. These financial statements report the performance and financial health of a business. For example, the balance sheet reports...
This focuses on the use and interpretation of financial information to make sound business decisions. It’s similar to financial accounting, but this time, it’s reserved for internal use, and financial statements are made more frequently to evaluate and interpret financial performance.
This is the process of tracking, analyzing and understanding the costs involved in a specific business activity. This includes all direct and indirect expenses associated with your business’s day-to-day operations. Cost accounting is particularly important because it helps you ensure that you are spending money on things that benefit your business’...
This is the act of tracking and reporting income and expenses related to your company’s taxes. You don’t want to be in a situation where you have to pay more income tax than is normally required by the Internal Revenue Service (IRS).
Aug 11, 2020 · Accountancy Terminology: Here’s what you need to know. 11 Aug 2020. This article gives a summary of the terminology you may encounter when maintaining the accounts of sole traders and partnerships, using an accounting system that has been created by software. Although, it is not definitive!
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This A-to-Z glossary defines key accounting terms you need to know. Accountants possess a wide range of skills critical for financial management and reporting. They maintain financial records, analyze data, offer financial insights, ensure compliance, prepare reports, support audits, provide financial advice, and utilize technology to optimize ...
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