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Key Accounting Terms

Accounting terms are the words and phrases used in accounting to describe financial transactions and events. They are important for understanding financial statements and making informed business decisions.

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Some common accounting terms include:

  • Asset: A resource that a company owns and expects to benefit from in the future.
  • Liability: A debt or obligation that a company owes to another party.
  • Equity: The net worth of a company, calculated as the difference between its assets and liabilities.
  • Revenue: The income that a company generates from its business activities.
    Expense: The costs that a company incurs in order to generate revenue.
  • Profit: The amount of money that a company makes after it has paid all of its expenses.
  • Loss: The amount of money that a company loses after it has paid all of its expenses.

 

A-Z of Accounting terms (Glossary)

Filed Under: Bookkeeping, Company, Financial Reporting

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