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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.
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Account: A record that holds the results of financial transactions. Accountant's Equation: The equation that is the basis of the Balance Sheet: Assets = Liabilities + Owners' Equity. Accounting: A service that oversees, measures, and evaluates financial information for decision making purposes.
To help with this shared understanding, we’ve developed an alphabetical list of the most commonly used accounting words and phrases. This glossary includes those terms that business owners will encounter when interpreting their accounts or reviewing their financial information with their accountant.
Accounting: Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analysing and reporting these transactions to the management, owners, government and other stakeholders.
Accounting: The process of recording, analyzing, reporting and interpreting the financial affect of business activities. Accounting basis: Refers to how financial transactions are measured for recording purposes. i.e. cash basis vs accrual basis, historical cost basis, going concern basis.
General Terms Fund Accounting: Method of accounting whereby asset, liability and net asset accounts are grouped according to purpose and/or restriction. Generally used by government entities and not-for-profit organizations. Each fund is a self-balancing set of accounts. GAAP: Acronym for Generally Accepted Accounting Principles. Conventions ...
Business Transaction: It is a financial transaction or an economic event expressed in terms of money which brings in a change in the financial position of an enterprise.
