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- Key accounting terms include12:
- Assets: Any resource owned by a business or an economic entity.
- Balance Sheets: A summary of the assets, liabilities, and the capital of a business at a particular point in time.
- General Ledger: A record of all financial transactions of a company.
- Credits and Debits: Credits are entries that represent money you receive, while debits represent money you spend.
- Revenue: The income generated by a business.
- Capital: The amount of money invested in a business.
- Cash Flow: The amount of cash and cash equivalents moving in and out of a business.
- Accounts Payable: Short-term obligations to be paid by an organization.
- Accounts Receivable: Money owed to a company by its debtors.
- Current Assets: Assets that can be converted into cash within a year.
- Equity: The residual interest in the assets of a company after deducting liabilities.
- Expenses: The costs incurred by a business in order to generate revenue.
- Fixed Assets: Assets that are not intended for sale and are used in the production of goods or services.
- Ledger: A record of all financial transactions of a company.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Key Accounting Terms
- Assets An asset is any resource owned by a business or an economic entity. ...
www.superprof.co.in/blog/identifying-the-most-com…List of Basic Accounting Terminology
- #1 – Accounts Payable Accounts payable are short-term obligations to be paid by an organization. ...
- #2 – Accounts Receivable ...
- #3 – Balance Sheet ...
www.wallstreetmojo.com/accounting-terminology/ Accounting Terms: A to Z Glossary - Coursera
- Accounts Payable. Accounts Payable refers to the money a company owes to its creditors …
- Balance Sheet. The Balance Sheet is a financial statement that provides a snapshot of a …
- Cash Flow. Cash Flow represents the movement of cash into and out of business over a …
- Depreciation. Depreciation is the systematic allocation of the cost of a tangible asset over its …
- Equity. Equity, also known as shareholder's equity or net assets, represents the residual …
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Jul 9, 2024 · Presented in alphabetical order, this glossary of accounting terms covers essential basics and key concepts. You can look up individual terms, or read the guide from start to finish for a quick crash course in accounting …
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47 Accounting Terms, Words, & Vocabulary - financepal
See more on financepal.comMoney a business owes to its suppliers, vendors, or creditors for goods or services bought on credit; considered a short-term debt. Accounts payable is a crucial concept for any business operating with credit—every time a business purchases from a supplier on credit, an accounting entry is made in accounts payable.- Published: Jul 26, 2021
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- Accounts Payable (AP) Accounts Payable include all of the expenses that a …
- Accounts Receivable (AR) Accounts Receivable include all of the revenue …
- Accrued Expense. An expense that been incurred but hasn’t been paid is …
- Asset (A) Anything the company owns that has monetary value. These are …
- Balance Sheet (BS) A financial statement that reports on all of a company’s …
Accounting Dictionary: Essential Terms Explained for ... - finally
Accounting terms, or accountancy terms, cover a wide range of concepts related to financial record-keeping, reporting, and analysis. Understanding these terms is essential for anyone …
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Ch. 1 Key Terms - Principles of Accounting, Volume 1: Financial ...
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21 hours ago · Key rules: Must be unique and can’t be empty. The combination of columns must be unique and non-empty. Must match a valid primary key in the related table. Relationships: …
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