Glossary of Accounting Terms

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Index of Accounting Terms - A

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Accounting Icon representing financial analysis and reporting
Accounting Related Terms: Financial Accounting, Managerial Accounting, Corporate Accounting, Public Accounting, Accountancy What is accounting? Accounting is the systematic process of recording, summarizing, analyzing, and reporting financial transactions for decision-making.
Icon representing the steps in the accounting cycle.
Accounting Cycle Related Terms: Bookkeeping Cycle, Financial Reporting Cycle What is the Accounting Cycle? The series of steps businesses follow to identify, analyze, record, summarize, and report their financial transactions for an accounting period.
Icon representing the accounting equation
Accounting Equation Related Terms: Balance Sheet Equation, Fundamental Accounting Equation What is the Accounting Equation? The basic accounting principle that states a company's total assets are equal to the sum of its liabilities and equity (Assets = Liabilities + Equity).
Icon representing accounting software interface.
Accounting Software Related Terms: Bookkeeping Software, Financial Software, QuickBooks, Xero What is Accounting Software? Computer programs that help businesses record, process, and report their financial transactions, like QuickBooks Online, Xero, or FreshBooks.
Accounts Payable Icon representing bills or invoices due for payment
Accounts Payable Related Terms: A/P, Payables, Trade Payables, Pay Creditors, Pay Vendors, Money Owed to Others What is Accounts Payable? Accounts Payable represents the short-term liabilities a business owes to its suppliers or vendors for goods and services received but not yet paid for.
Accounts Receivable Icon representing money coming in or invoices sent to customers
Accounts Receivable Related Terms: A/R, Receivables, Trade Receivables, Debtors, Money Owed to Us What is Accounts Receivable? Accounts Receivable represents the money owed to a business by its customers for goods or services that have been delivered or used but not yet paid for.
Icon representing accrual-based accounting
Accrual Accounting Related Terms: Accrual Basis What is Accrual Accounting? An accounting method that recognizes revenues when earned and expenses when incurred, regardless of when cash is exchanged.
Icon representing expenses incurred but not yet paid
Accrued Expenses Related Terms: Accrued Liabilities, Unpaid Expenses What are Accrued Expenses? Expenses that a business has incurred but has not yet paid for as of the reporting date.
Icon representing revenue earned but not yet received
Accrued Revenue Related Terms: Earned Revenue, Unbilled Revenue, Accrued Income What is Accrued Revenue? Revenue that has been earned by a business but for which the cash payment has not yet been received.
Icon representing the expensing of intangible assets
Amortization Related Terms: Expense Allocation, Intangible Asset Depreciation What is Amortization? The process of gradually writing off the initial cost of an intangible asset over its useful life.
Asset Tracking Icon representing the management or tracking of physical assets like equipment or buildings
Asset Tracking Related Terms: Fixed Asset Management, Property, Plant, and Equipment (PP&E) Tracking, Capital Asset Management What is Asset Tracking? Asset tracking is the process of monitoring and recording the movement, maintenance, and depreciation of a company's physical assets.
Asset Icon representing valuable company resources, such as coins, buildings, or equipment
Assets Related Terms: Company Resources, Economic Resources, Holdings, Possessions, Property What is an Asset: Assets are resources with economic value that a company owns or controls with the expectation that they will provide future benefit
Audit Protection Icon representing a shield or protection against scrutiny, such as a magnifying glass over financial documents
Audit Protection Related Terms: Audit Defense, Tax Audit Support, IRS Audit Help, Protect from Audit, Audit Assistance What is Audit Protection? Audit protection encompasses services and strategies aimed at preparing for, managing, and minimizing the risks and burdens associated with financial or tax audits.

Accounting and Bookkeeping
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The Adventures of Coco and Cami

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Follow Coco and Cami as they realize that keeping track of all their sales, expenses, and customer payments on paper is becoming overwhelming for their growing businesses.

Watch as Professor A introduces Coco and Cami to Accounting and Bookkeeping, explaining how these digital tools can automate their bookkeeping, generate reports, and help them manage their finances more efficiently.

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