Ndictionary of basic accounting terms pdf

My accounting dictionary is written completely in everyday, nonaccounting language, so you can understand it. This accounting glossary isnt an ordinary dictionary that you find in the back of one of your accounting textbooks. Accounting period any period of time utilised to measure accounting performance e. Basic accounting terminologies include all those important terms which are frequently used while studying financial accounting. Accounting terminology guide over 1,000 accounting and. Turnover is basic accounting terms which mean the process of goods in which it will complete from raw material to finished goods. Prior to entering the partnership, ebs recognised that many challenges existed in tackling the barriers to family and financial literacy. Usually, accounting is understood as the language of business. Basic accounting concepts n matching n revenues and expenses shown on the income statement must be matched for the period. A record that holds the results of financial transactions. This az pocket guide to understanding financial terms is just one of the achievements of ebss partnership with nala. A companys debts or financial obligations incurred during business operations.

The ebs building society partnered with the national adult literacy agency nala to develop a programme, which would help to target the growing issue of family and financial literacy. My accounting course accounting and business dictionary explains 1,000s of accounting terms in plain english. A service that oversees, measures, and evaluates financial information for decision making purposes. Foreword adult basic education, the organisations are working together to help tackle financial literacy and to address the issue of access to financial products and services for those with literacy and numeracy difficulties. Liabilities current and longterm cl, ltl liabilities current and longterm definition. The equation that is the basis of the balance sheet. He is the sole author of all the materials on accountingcoach. Harold averkamp cpa, mba has worked as a university accounting instructor, accountant, and consultant for more than 25 years. Current liabilities cl are those debts that are payable within a year, such as a debt to suppliers. Basic accounting terms, acronyms, abbreviations and concepts to remember check out these basic accounting terms and start to commit them to memory. That is why i created the my accounting course accounting term dictionary. Accounts payable sundry creditors short term or current financial obligations that are created through the purchase of merchandise, or obtaining of service. Basic accounting terms are very important for accountings beginner to understand it. For example, if a clients payroll processes on a biweekly basis, but their accounting period for their gl is monthly, the end of their payroll period will usually not coincide with the end of.