Download dictionary of accounting terms barrons business. My accounting course accounting and business dictionary explains 1,000s of accounting terms in plain english. A credit either increases a liability or equity account, or decreases an asset or expense account. The basis of accounting under which revenues are recorded when earned and expenditures are recorded as soon as they result in liabilities for benefits received. While the update of the content of the internet database version is an ongoing activity, the pdf, and word versions currently available are snapshots of the internet database version as of december 2007. However knowing what these terms mean is critical to understanding the performance of your business. Credit the righthand side in the doubleentry method of bookkeeping. Glossary of management accounting terms pdf small business. The figure calculated in a trading account to represent the cost of goods sold in that accounting period. Were here to help with this handy list that defines the most common accounting terms, acronyms. This glossary does not include terms defined in the cash basis ipsas, financial. Cost accounting is an accounting method that aims to capture a companys costs of production by assessing the input costs of each step of production as well as fixed costs, such as depreciation of.
Other comprehensive basis of accounting ocboa consistent accounting basis other than generally accepted accounting principles gaap used for financial reporting. A term referring to the refund of previously paid prop erty taxes due to the overvaluation of property. Glossary of cost accounting terms established in sffas 4, managerial cost accounting concepts and standards for the federal government activity the actual work task or step performed in producing and delivering products and services. Glossary of ifrs terms term description standard a ccounting policies the speci. Check out these basic accounting terms and start to commit them to memory. You are buying a digital copy of this book in pdf format.
Page 1 of 5 glossary of cost accounting terms established in sffas 4, managerial cost accounting concepts and standards for the federal government activity the actual work task or step performed in producing and delivering products and services. D days sales in inventory days sales in receivables days sales uncollected debenture debit debit memorandum debtors declining amortization depletion. Allocation key the allocation key is the basis that is used to allocate costs. Accounting dictionary is a continually expanding collection of over accountancy terms, abbreviations and definitions. The nysscpa has prepared a glossary of accounting terms for accountants and. Accounting terminology guide over 1,000 accounting and.
Method of reporting financial activity of a business financial transactions recorded in an. The expense recognized in writing off the cost of a plant or machine over its useful life, giving consideration to wear and tear, obsolescence, and salvage value. Purchases from creditors on credit terms not cash divided by 365 equals average daily credit purchases. As cloud accounting providers, we feel strongly about eliminating jargon and making accounting simple and accessible for everyone. The literature indicated that traditional cost accounting information is largely inaccurate for the purpose of decisionmaking, prompting a call for innovation in cost accounting innes and. Examples include an income tax basis or a cash basis. Understanding the terminology will help you understand the concepts and their relevance to you, and more importantly, they will help you analyze and run your small business. Noun n the codes c and u show whether a noun, or a particular sense of a noun, is countable an agenda, two agendas or uncountable. If youre looking for a free download links of dictionary of accounting terms barrons business dictionaries pdf, epub, docx and torrent then this site is not for you. A comprehensive listing of all the accounting terms used on the website.
Glossary of accounting terms and definitions wealth how. Glossary of business terms adjective adj headwords for adjectives followed by information in square brackets only before a noun and not before a noun show any restrictions on where they can be used. Differentiate between a cost center, internal order and wbs element distinguish between master and transactional datanote. Activitybased costing a cost accounting method that. Start a free trial of quizlet plus by thanksgiving lock in 50% off all year try it free. Accountingwords investorwords the best investing glossary on the web. Days creditors outstanding this is a means of checking how a business is paying its creditors as compared to negotiated payment terms. For example, two departments, with 20 and 10 employees. To help with this, weve compiled an assortment of basic financial terms and acronyms and created a simple accounting glossary for beginners. Cogs is the calculation of all costs involved in selling a product to customers.
Here is big red books definition of common accounting terminology. Gambia 2004 1 accounting principles and definitions. It builds on the environmental accounting glossary prepared in 20 by wassim youssef, volunteer of the said division. This edition of the world bank has been revised and expanded by the terminology unit in the languages services division of the world bank in collaboration with the english, spanish, and french translation sections. The oecd glossary of statistical terms may be downloaded directly to your computer as either a pdf or word file. Statement of change in owners equity financial statement of a business that reports the changes that have occurred in the owners equity. A list of these ipsass is located on the inside back cover of the glossary. Englishfrench and frenchenglish french, english abstract. That way, when you start your degree journey, youll. Purchases from creditors on credit terms not cash divided by 365 equals average daily. Basic accounting terms, acronyms, abbreviations and concepts to remember. A slang term used to refer to something favorable that has happened in business. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Accounting terminology paul martin chartered accountant ltd.
The total structure of records and procedures which discover, record, classify, and report information on the financial position and operations of a governmental unit or any of its funds, balanced account groups, and organizational components. The expense recognized in writing off the cost of a plant or machine over its useful life, giving consideration to wear and tear. Sap financial terminology is based on general accounting functions. Accounting terminology guide over 1,000 accounting and finance terms a b c. Does accounting terminology have your head spinning. An aggregation of actions performed within an organization that is useful for purposes. The nysscpa has prepared a glossary of accounting terms for accountants and journalists who report on and interpret financial information. Accounting introduction naccounting is the art of identifying, measuring, recording, and communicating economic information about an organisation or other entity, in.
Hvac software and advice the book is actually larger but includes a very comprehensive glossary of accounting terms, samples, thorough table of contents, custom and much more. It is typically a quantity, such as square meters occupied, number of employees, or manhours used. This topic defines the key terms that are used in cost accounting. Glossary of accounting word html accounting glossary. In another example, the cost of factory rent and rates may be allocated to products based on the amount of factory space that their production takes up. This glossary contains all terms defined in the 24 accrual basis international public sector accounting standards ipsass on issue as at december 31, 2006. Cost accounting cost of goods sold cost of inventory cost principle coupon bonds credit credit memorandum credit period credit terms creditors crossfoot current assets current liabilities. Financial accounting a term usually applied to external reporting by a business where that. To calculate gross profit, take your total sales and subtract the cost of making or selling your product. In class or at a business meeting, you are likely to hear an accounting term that is. In accounting, all costs associated with the acquisition of an asset.
For example, an employee receiving a raise may reply with the words cool beans, upon receiving the news. Glossary of utility finance and accounting terms used in our seminars letters in parenthesis, preceding the definition, identify the sources used in compiling the glossary. In this spirit, weve compiled this handy guide to the most commonly used accounting terms for your reference. Cost accounting terms and concepts flashcards quizlet. Administrative expenses costs of managing and running a business. If you do not have an accounting background, it is recommended that you attend the accounting fundamentals course prior to taking basic skills. Glossary of finance terms act actuarial methods of accounting agent agency agreement amortise bullet breach of an agreement conditional sale contract credit sale cross border ct dcf ebitda encumbrance endorsement equalised repayment definition of financial terms advance corporation tax. Glossary of cost accounting terms established in sffas 4.
Accounting terms pdf format small business accounting courses. The process by which an organizations cost is collected, assigned, and interpreted. Glossary of management accounting terms pdf greatest hits from the stratfor glossary of useful, baffling and strange intelligence terms team to keep him out of trouble. Plain language definitions with sample applications.
Terminology in cost accounting business central microsoft. At the end of this booklet is a glossary of all the relevant accounting terms that will help you understand the science of accounting. Glossary are derived from the following publications. Accounting terminology can be quite a mouthful and hard to remember, especially if you dont have much prior experience with financial or management accounting. Glossary of selected governmental accounting and financial terminology page 1 a accounting system. The wealthhow article below provides a glossary of accounting terms and definitions that are most commonlyused. Bookkeeping and accountancy deal with maintaining record of all the transactions that a businessindividual makes. The accounting exam portion of the book is in ms word format and is completely. Cost of goods sold cogs may also be referred to as cost of sales. A record that holds the results of financial transactions.