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50 Basic accounting acronyms and abbreviations to know. 1. Certified Public Accountant (CPA) A professional accountant who has passed the Uniform CPA Examination. This person has met additional state-specific education and experience requirements to become licensed and certified to practice public accounting.
- 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 · D&A (Depreciation and amortization) – These accounting abbreviations refer to the two accounting methods accountants use to allocate the cost of a company’s assets over their useful lives. DAF (Deferred acquisition costs) – Costs associated with the acquisition of a company but deferred and amortized over time.
May 12, 2023 · What Does Prudent Mean. Prudent is an accounting term that refers to financial decisions or activities being made carefully and responsibly. Prudence is a fundamental professional and ethical standard for accountants, as it stresses the importance of making decisions with objectivity and caution.
- Accounts Payable. Accounts Payable refers to the money a company owes to its creditors or suppliers for goods and services purchased on credit. It represents a liability on the company's balance sheet until payment.
- Balance Sheet. The Balance Sheet is a financial statement that provides a snapshot of a company's financial position at a specific time. It presents the company's assets, liabilities, and shareholders' equity, enabling stakeholders to assess its financial health.
- Cash Flow. Cash Flow represents the movement of cash into and out of business over a specific period. It provides insights into a company's ability to generate cash and meet its financial obligations.
- Depreciation. Depreciation is the systematic allocation of the cost of a tangible asset over its useful life. It reflects the asset's value decrease due to wear and tear, obsolescence, or other factors.
Jul 9, 2024 · Glossary entries cover concepts essential to businesses: Key terms like "accounts payable," "accounts receivable," "cash flow," "revenue," and "equity" are all fully covered and explained. Consider reading these additional business owner resources: Small Business Guide. Accounting for Small Businesses.
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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 involved in the field. Some common accounting terms include: Assets: Items of economic value owned by an individual or business.
