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Use the correct Accounting Terminologies to Communicate

Some basic accounting Terminologies Term


accelerated depreciation methods

Several alternative depreciation approaches that result in relatively more depreciation in early years of use, and smaller amounts during later years


A record that is kept for each asset, liability, equity, revenue, expense, and dividend component of an entity


A set of concepts and techniques that are used to measure and report financial information about an economic unit.

accounting cycle

The procedures needed to process transactions through an accounting system; including journalization, posting, adjusting, and preparing financial statements

accounting equation

A financial relationship at the heart of the accounting model: Assets = Liabilities + Owners' Equity

accounts payable

Amounts due to suppliers relating to the purchase of goods and services on credit

accounts receivable

Amounts due from customers from credits sales of products or services; "trade receivables"


Expenses and revenues that gradually accumulate throughout an accounting period

accrual basis

The accounting process whereby revenues are measured and recorded as earned, while expenses are recorded as incurred

accrued expenses

Unpaid expenses that have already been incurred C erti f i ed Publ i c Accountants

Useful websites to learn more about terminologies/accounts Sources


This is a very comprehensive list of accounts where you can find both the accounts/terms that are used in ary/glossary%20by%20alphabetic16.htm accounting/finance with it’s a great detail of explanation (Recommended reading site)

A long list of accounting terms that are commonly used in accounting practice. Find accounting term? Check this out! Very easy to find and easy to understand with good and simple explanation.

You can easily find hundred of accounting terminology in this website to help you learn accounting better.

You can access to free online dictionary for accounting terminology plus finance, stock, bond, Forex, and more in business sector. terminology.htm

Using the correct terminology is crucial for all accountants in their professional – This website will help you earn the knowledge of using the appropriate accounting terms.

You can easily learn the accounting term with detail explanation that will absolutely help you to better communicate using accounting terminology – use the accounting language right is IMPORTANT! C erti f i ed Publ i c Accountants

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Accounting Terms  

Accounting terms

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