Category
Accounting terms.
458 Accounting terms explained in plain English, each with real-world examples. Pick a term to read its definition.
- Absorption Costing
- Accelerated Depreciation
- Account Analysis
- Accounting Cycle
- Accounting Equation
- Accounting Error
- Accounting Fraud
- Accounting Period
- Accounting Policies
- Accounting Policy
- Accounting Software
- Accounting Standards
- Accounts Payable
- Accounts Receivable
- Accounts Reconciliation
- Accrual Accounting
- Accrual Basis
- Accrual Period
- Accruals
- Accruals Accounting
- Accruals Basis
- Accrued Expenses
- Accrued Interest
- Accrued Revenue
- Accumulated Amortization
- Accumulated Depreciation
- Acid Test
- Activity Accounting
- Adjusted Gross Income
- Adjusting Entries
- Administrative Expenses
- Adverse Opinion
- After-Tax Return
- AGI
- Aging Schedule
- AICPA
- Allowance for Doubtful Accounts
- Alternative Minimum Tax
- Amortization
- AMT
- Analytical Procedures
- Annuity
- Appropriated Retained Earnings
- Arrears
- Asset
- Asset Depreciation
- Asset Impairment
- Asset Retirement Obligation
- Assets
- Audit
- Audit Committee
- Audit Evidence
- Audit Opinion
- Audit Risk
- Audit Trail
- Audited Financials
- Auditor Independence
- Auditor's Report
- Authorized Stock
- Average Cost Method
- Back Order
- Bad Debt
- Balance Sheet
- Balance Sheet Date
- Balance Sheet Insolvency
- Balance Sheet Liability
- Balance Sheet Reconciliation
- Balance Sheet Test
- Bank Charges
- Bank Draft
- Bank Reconciliation
- Bank Statement
- Batch Processing
- Bearer Bond
- Bill of Lading
- Billing Cycle
- Blank Endorsement
- Bonded Warehouse
- Bonus Accrual
- Bonus Depreciation
- Book of Original Entry
- Book Value
- Bookkeeping
- Branch Accounting
- Breakage
- Budget Cycle
- Business Combination
- Calendar Year
- Callable Bond
- Capital
- Capital Account
- Capital Contribution
- Capital Expenditure
- Capital Gains
- Capital Gains Tax
- Capital Lease
- Capital Losses
- Capital Redemption
- Capital Stock
- Capitalization
- Carryback
- Carryforward
- Carrying Amount
- Carrying Value
- Cash Account
- Cash and Cash Equivalents
- Cash Basis Accounting
- Cash Book
- Cash Disbursements Journal
- Cash Discount
- Cash Receipts Journal
- Certified Public Accountant
- Change in Accounting Estimate
- Change in Accounting Principle
- Charge Off
- Chart of Accounts
- Clearing Account
- Closing Balance Sheet
- Closing Entries
- Closing the Books
- Commercial Paper
- Commitment Fee
- Common Stock
- Comparative Balance Sheet
- Compensating Balance
- Completed Contract Method
- Component Depreciation
- Compound Interest
- Comprehensive Income
- Confirmation
- Consignment Inventory
- Consolidated Financial Statements
- Consolidation Accounting
- Construction in Progress
- Contingent Asset
- Contingent Liability
- Continuing Operations
- Contra Account
- Control Account
- Control Deficiency
- Control Risk
- Conversion Costs
- Convertible Bond
- Copyright
- Corporate Tax
- Cost Accounting
- Cost Allocation
- Cost Driver
- Cost Flow Assumption
- Cost Object
- Cost of Capital
- Cost of Goods Sold
- Cost of Sales
- Cost Pool
- Cost Recovery Method
- Credit
- Credit Balance
- Credit Limit
- Credit Memo
- Credit Terms
- Cross-Border Taxation
- Cumulative Preferred Stock
- Current Account
- Current Assets
- Current Liabilities
- Current Portion of Long-Term Debt
- Custodial Account
- Customer Deposit
- Cut-Off Testing
- Debenture
- Debit
- Debit Balance
- Debit Memo
- Declining Balance Method
- Default
- Deferral
- Deferred Asset
- Deferred Compensation
- Deferred Income
- Deferred Liability
- Deferred Revenue
- Deferred Tax
- Deferred Tax Asset
- Deferred Tax Liability
- Depletion
- Deposit in Transit
- Depreciable Base
- Depreciation
- Depreciation Expense
- Depreciation Recapture
- Detection Risk
- Diluted Earnings Per Share
- Direct Costs
- Direct Labor
- Direct Materials
- Direct Method
- Direct Write-Off Method
- Disclaimer of Opinion
- Discontinued Operations
- Discount on Bonds Payable
- Disposal of Assets
- Distributable Earnings
- Distributed Ledger
- Dividend
- Documentary Credit
- Double Declining Balance
- Double Taxation Agreement
- Double-Entry Bookkeeping
- Drawing Account
- Earned Income
- Earnings Before Interest and Taxes
- Earnings Before Tax
- Effective Interest Rate
- Electronic Funds Transfer
- Eliminating Entries
- Embedded Derivative
- Emphasis of Matter
- Employee Benefits
- Employee Stock Ownership Plan
- Encumbrance
- Encumbrance Accounting
- Ending Inventory
- Engagement Letter
- Entity Concept
- Equity
- Equity Method
- Equivalent Units
- Escrow Account
- Estate Tax
- Estimated Liability
- Estimated Tax Payments
- Estimated Taxes
- Exchange Rate
- Excise Tax
- Executory Costs
- Expense
- Expense Report
- External Audit
- External Auditor
- Extraordinary Items
- Face Value
- Factoring
- Fair Value
- FIFO
- Financial Accounting
- Financial Accounting Standards Board
- Financial Reporting
- Financial Statements
- Finished Goods Inventory
- First-In First-Out
- Fiscal Period
- Fiscal Year
- Fixed Asset Register
- Fixed Assets
- Fixed Costs
- Flexible Budget
- Float Time
- Floor Planning
- FOB Destination
- FOB Shipping Point
- Foreign Currency Translation
- Foreign Tax Credit
- Forensic Accounting
- Form 1040
- Franchise
- Full Disclosure Principle
- Functional Currency
- Fund Accounting
- Funded Debt
- Future Value
- GAAP
- GAAS
- Gain on Sale
- General Journal
- General Ledger
- General Partnership
- Gift Tax
- Going Concern
- Going Concern Opinion
- Goodwill
- Gross Earnings
- Gross Profit
- Gross Sales
- Historical Cost
- ICFR
- IFRS
- IFRS 5
- IFRS 15
- IFRS 16
- Impairment
- Import Taxes
- Income Statement
- Income Tax Expense
- Independence
- Indirect Costs
- Indirect Tax
- Inherent Risk
- Inheritance Tax
- Input Tax Credit
- Intangible Assets
- Interest Expense
- Interest Tax Shield
- Internal Audit
- Internal Control
- Internal Control Over Financial Reporting
- Internal Controls
- International Standards on Auditing
- Inventory Valuation
- ISA
- Itemized Deduction
- Journal Entry
- Journal Entry Testing
- Kiddie Tax
- Ledger Reconciliation
- Liabilities
- Liability
- LIFO
- Long-Term Assets
- Long-Term Contract Accounting
- Long-Term Liabilities
- Loyalty Programme Accounting
- MAGI
- Management Representation Letter
- Manufacturing Overhead
- Marginal Tax Rate
- Matching Principle
- Material Misstatement
- Material Weakness
- Materiality
- Net Income
- Net Operating Profit After Tax
- Net Sales
- Net Worth
- Non GAAP Measures
- Non-Accrual Loan
- Non-Sampling Risk
- Notes Payable
- Objectivity
- Operating Expenses
- Operating Lease
- Output Tax
- Overhead
- Overhead Costs
- Owner's Equity
- Paid-In Capital
- Partnership Accounting
- Pass-Through Taxation
- Payroll
- Payroll Accounting
- Payroll Tax
- Payroll Taxes
- PCAOB
- Performance Materiality
- Period Costs
- Perpetual Inventory
- Petty Cash
- Pre-Tax Deduction
- Pre-tax deductions
- Pre-tax dollars
- Pre-Tax Income
- Pre-Tax Profit
- Prepaid Expenses
- Product Costs
- Professional Skepticism
- Profit and Loss Statement
- Profit Before Tax
- Progressive Taxation
- Property Tax
- Provision
- Provision for Doubtful Accounts
- Public Company Accounting Oversight Board
- Purchase Ledger
- Qualified Opinion
- Quarterly Taxes
- Reconciliation
- Reducing Balance Depreciation
- Regressive Taxation
- Related Party Transaction
- Residency-based Taxation
- Retained Earnings
- Revenue
- Revenue Recognition
- Reversing Entries
- Roll-Forward Procedures
- Sales Ledger
- Sales Revenue
- Sales Tax
- Sales Tax Payable
- Sampling Risk
- Schedule C
- Schedule D
- Segregation of Duties
- Self-Employment Tax
- Share Capital
- Shareholders' Equity
- Significant Deficiency
- Source-based Taxation
- Standard Costing
- Standard Deduction
- Statement of Changes in Equity
- Statutory Tax Rate
- Straight-Line Depreciation
- Sub-ledger
- Subledger
- Subsequent Events
- Subsidiary Ledger
- Substantive Testing
- Sustainability Reporting
- T-Account
- Tangible Assets
- Tangible Book Value
- Tax Audit
- Tax Base
- Tax Bracket
- Tax Compliance
- Tax Credit
- Tax Deductible
- Tax Deduction
- Tax Deferral
- Tax Depreciation
- Tax Equivalent Yield
- Tax Exemption
- Tax Filing
- Tax Loss Carryforward
- Tax Penalty
- Tax Period
- Tax Point
- Tax Provision
- Tax Relief
- Tax Residency
- Tax Return
- Tax Revenue
- Tax Shield
- Tax Year
- Tax-Advantaged Account
- Tax-Deferred
- Tax-Deferred Account
- Tax-Deferred Growth
- Tax-Exempt
- Tax-Free
- Taxable Income
- Taxable Profit
- Test of Controls
- Throughput Accounting
- Tolerable Misstatement
- Trial Balance
- Unearned Revenue
- Unqualified Opinion
- Value Added Tax
- Variable Costs
- VAT
- W-2
- Warranty Provision
- Weighted Average Cost Method
- Withholding Tax
- Working Capital
- Write-Off
- 1099
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