Accounting Terminology Guide – Over 1,000 Accounting and Finance Terms.
What are some accounting terms?
- Accounts Payable. Accounts payable refers to the money a business owes to its suppliers, vendors, or creditors for goods or services bought on credit. ...
- Accounts Receivable. ...
- Accounting Period. ...
- Accruals. ...
- Accrual Basis Accounting. ...
- Assets. ...
- Balance Sheet. ...
- Capital.
What are the 10 accounting terms?
- Cash Flow. ...
- Cash-Flow Forecast. ...
- Marginal Costs. ...
- Income Sheet. ...
- Financial Statement. ...
- Gross and Net Profit. ...
- Balance Sheet. ...
- Accrual Accounting.
What are the 4 types of accounting?
These four branches include corporate, public, government, and forensic accounting .
What are the 7 types of accounting?
- Financial accounting. This field is concerned with the aggregation of financial information into external reports. ...
- Public accounting. ...
- Government accounting. ...
- Forensic accounting. ...
- Management accounting. ...
- Tax accounting. ...
- Internal auditing.
What are the 5 basic accounting principles?
- Revenue Recognition Principle. When you are recording information about your business, you need to consider the revenue recognition principle. ...
- Cost Principle. ...
- Matching Principle. ...
- Full Disclosure Principle. ...
- Objectivity Principle.
What is the golden rules of accounting?
Take a look at the three main rules of accounting: Debit the receiver and credit the giver . Debit what comes in and credit what goes out. Debit expenses and losses, credit income and gains.
What are the 2 types of accounting?
The two main accounting methods are cash accounting and accrual accounting . Cash accounting records revenues and expenses when they are received and paid. Accrual accounting records revenues and expenses when they occur. Generally accepted accounting principles (GAAP) requires accrual accounting.
What are the major types of accounting?
- Financial accounting.
- Governmental accounting.
- Public accounting.
- Cost accounting.
- Forensic accounting.
- Management accounting.
- Tax accounting.
- Auditing.
What is the 8 branches of accounting?
- Financial accounting.
- Cost accounting.
- Auditing.
- Managerial accounting.
- Accounting information systems.
- Tax accounting.
- Forensic accounting.
- Fiduciary accounting.
What is petty cash book?
A petty cash book is ledger used to track small and petty expenses incurred by businesses during day to day operations . For example, small expenses incurred by employees such as tea for the office, ink for the printer, stamps from the post office etc, would all be recorded in the book.
What are the 3 major areas of accounting?
A business must use three separate types of accounting to track its income and expenses most efficiently. These include cost, managerial, and financial accounting , each of which we explore below.
What is the best branch of accounting?
Financial accounting and audit would be better option. You can go in financial analyst job role, you can go audit profile as well and similiarly companies prefer financial accounting candidate for their account department. Tax accounting and Financial Accounting (Auditing) is the best branch as per me.
What are the 3 golden rules?
- Debit the receiver, credit the giver.
- Debit what comes in, credit what goes out.
- Debit all expenses and losses and credit all incomes and gains.
What are the 4 principles of GAAP?
The four basic constraints associated with GAAP include objectivity, materiality, consistency and prudence .
What are 5 accounting policies?
- Revenue Recognition Principle,
- Historical Cost Principle,
- Matching Principle,
- Full Disclosure Principle, and.
- Objectivity Principle.
