Accounting Terms Pdf. PDF fileThe basic accounting terms Assets means anything valuable possessed by a firm with the following three features qualifies as assets 1 The legal title of ownership 2 Right to use 3 Right to sale/dispose off Amortization The intangible assets whose property right is obtained for specific period of.
PDF fileAccounting is the analysis & interpretation of book keeping records It includes not only the maintenance of accounting records but also the preparation of financial & economic information which involves the measurement of transactions & other events relating to entry There are various terminology used in the Accounting which.
Accounting Basics
PDF fileAccounting 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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Turnover Turnover is basic accounting terms which mean the process of goods in which it will complete from raw material to finished goods It is called stock turnover or inventory turnoverSimply turnover means the sale of goods after the.
30 Basic Accounting Terms, Acronyms and Abbreviations
The whole Financial Accounting depends on Accounting Equation which is also known as Balance Sheet Equation The basic Accounting Equation is Assets = Liabilities + Owner’s equity Or A = L + P Where A = Assets L = Liabilities P = Capital While trying to do this correlation please note that incomes or gains will increase owner’s equity and expenses or losses will reduce it.
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Account This is the first term is the glossary of the accounting terminology An AccountAccount Balance It is of two types first a debit balance and second a credit balance WhenAccounting Accounting is everything about the process that helps to record summarizeAccounts Payable These are the liabilities in a business or an organization that shows theAccounts Receivable This is an asset that represents the money owed by the other to theAccrual Basis This is an accounting method that performs many functions like recognizingAsset It is a very important term in accounting terminology It is a cash convertible propertyAudit The audit is a formal examination and evaluation of an organization’s records toBalance Sheet It is the summary report on a specific date of the assets liabilities and netBudget Budget is the total requirement of assets in the whole coming year.