Accounting Terms

Accounting Terms and Their Meanings
If you are in business sooner or later you will come across terminology that you do not understand. As you become more familiar with the business and financial side of your business the language of accounting will become simpler and you will be able to make sense of the details in the reports and financial statements supplied to you by your accountant.

Some of the basic terms are as follows:

  • Accounting
    This is the term that refers to the process of tracking your businesses income and expenses and using this information to prepare financial statements and arrive at the tax position of the business.

  • Bookkeeping
    This is the task of recording all the details of the various transactions of the business which includes tracking its revenue and its expenses. It is the starting point of the whole accounting process and therefore the accuracy of the bookkeeping is important.

  • Invoice
    This is a written record of a transaction generally submitted to ...

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