6June 2018

30 Basics as Accounting Terms, Acronyms and Abbreviations –Only for Accounts

Accounting is a perfect way to define the economics entities in a simple way. Fundamentally, it’s a measurement, processing and communication of financial data about data entry. This area covers several sectors like financial accounting, external auditing, tax accounting, management accounting etc. Accounting is a technique to define the numerous entities of the organization. With the support of accounting, you can manage, record the organizational data. After getting the admission in this area, students need to prepare for the exams, but they need the expert’s guidance because they want to know the basic concept of the accounting. Our expert’s team is prepared to deliver the support to the students and also offering the best Accounting assignment help for them. Students can easily get the detailed information with these assignments.

Here we are defining the 30 accounting terms for students.

  • Accounting Receivable (AR): It is an amount or share kept by the customer to business after services have been delivered.
  • Accounting(ACCG): The perfect way to store the financial entities for a business.
  • Accounts payable (AP): It is an amount which company gives to the vendors after returning the goods.
  • Asset (Fixed and Current) (FA/CA): Current Assets converted the amount in one year and Fixed assets covered the amount after a long time.
  • Asset classes: It is a perfect group of securities that work as similar as a market place.
  • Balance Sheet (BS): It is a complete sheet which defines the company liabilities.
  • Capital(CAP): It is a complete information about financial assets of a company.
  • Cash flow(CF): It is an amount which is generated from the business.
  • Certified Public Accountant(CPA): It is a designation deliver to the accountant who scored the good marks in the CPA exam.
  • Cost of Goods Sold(COGS): It is a complete amount generated to sell the products.
  • Credit(CR): It is a which shows the increasing and decreasing values of the assets.
  • Debit(DR): It is also an entity which tells the increasing and decreasing situation of the assets.
  • Diversification: it is the way to allocate the capital investment of the company.
  • Enrolled Agent(EA): The person who record the complete tax amount which company has paid.
  • Expenses (Fixed, variable, accrued, operation) (FE, VE, AE, OE): It is a complete record of fixed payment, regular transactions, incurred expenses and business expenditure of the company.
  • Equity and Owner Equity(OE): It is an amount which is calculated after deducting the liabilities.
  • Insolvency: A statement which defines the complete information about the due debit of the lenders.
  • General Accepted accounting principles(GAAP): It is a complete set of rules which is build by the accounting industry.
  • General Ledger(GL): It is a complete record of financial transactions.
  • Trial Balance: It is a record of complete transactions of the company.
  • Liabilities (Current -Long Term) (CL, LTL)– It is a compete sheet of financial entities which is incurred during the business operations.
  • Limited Liability Company(LLC): It is a complete structure of company debt and liabilities.
  • Net Income(NI): It shows the company total earing or you can say that profit.
  • Present Value(PV): This define the current amount of future sum of money.
  • Profit and Loss Statement(P&L): This statement defines the clear picture of the revenue and expenditure.
  • Return on Investment(ROI): It defines the complete revenue of the company.
  • Individual Retirement Account (IRA, Roth IRA): It defines the complete information about the tax.
  • 401K& Roth 401K: As we know that 401K is a saving term that defines the complete saving amount.
  • Subchapter S Corporation(S-CORP): It defines the complete information about the corporate benefits.
  • Bonds and Coupons(B&C): It is a bond which is consider as fixed amount of the company. We define the annual interest as coupon.

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