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30 Basic Accounting Terms, Acronyms and Abbreviations Students Should Know


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A state where an individual or organization can no longer meet financial obligations with lender s when their debts come due. Generally accepted accounting principles GAAP definition: Following these rules is especially critical for all publicly traded companies.

General ledger GL definition: Liabilities current and long-term definition: Current liabilities CL are those debts that are payable within a year, such as a debt to suppliers. Long-term liabilities LTL are typically payable over a period of time greater than one year. An example of a long-term liability would be a multi-year mortgage for office space. Limited liability company LLC definition: This can shield business owners from losing their entire life savings if, for example, someone were to sue the company.

Net income NI definition: A company's total earnings, also called net profit. Present value PV definition: Return on investment ROI definition: A measure used to evaluate the financial performance relative to the amount of money that was invested. The result is often expressed as a percentage. Individual retirement account IRA definition: IRAs are savings vehicles for retirement.

Roth IRAs are not tax-deductible; however, eligible distributions are tax-free, so as the money grows, it is not subject to taxes upon with-drawls. A K is a savings vehicle that allows an employee to defer some of their compensation into an investment-based retirement account.

The deferred money is usually not subject to tax until it is withdrawn; however, an employee with a Roth K can make contributions after taxes. Additionally, some employers chose to match the contributions made by their employees up to a certain percentage. A bond is a form of debt investment and is considered a fixed income security. An investor, whether an individual, company, municipality or government, loans money to an entity with the promise of receiving their money back plus interest.

This article was originally published in February, It has since been updated. Taking account of the high overhead, the price is not excessive. Also take into account. She has turned her misfortunes to account. Middle English ac co unten Old French acunter, acompter.

See ac- , count 1. Related Words bookkeeping computing reckoning calculating auditing. Contemporary Examples Brat has also worked as an economist in the Army and for the accounting firm Arthur Andersen. Who Is David Brat? Ben Jacobs June 11, Our Dumb Puritan Laws: Historical Examples It was not an accounting for what is, but for what it seemed possible to him might be.

The Strolling Saint Raphael Sabatini. In addition to the idiom beginning with account account for also see: Nearby words for accounting account receivable accountability accountable accountancy accountant accounting. Whether you are an analyst, business person or accounting student, audit the records of a corporation, a business manager, or balance your own checkbook, you will find the VentureLine accounting dictionary of accounting terms of immeasurable assistance.

Whatever your circumstance, this VentureLine accounting glossary provides the definitions and examples you need for you to know about all aspects of financial record keeping and reporting. All accounting terms and their associated definitions were requested by you the VentureLine user. Whenever requests via email for additional definitions are received, our staff researches and provides answers via e-mail to the requesting user.

Those accounting terms are then also added to the VentureLine Accounting Dictionary. So, the architecture and terms contained herein were developed by you our users. It also mandates that the VentureLine Accounting Glossary be a living document in that the accounting terms are updated whenever new accounting terms are requested..

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The NYSSCPA has prepared a glossary of accounting terms for accountants and journalists who report on and interpret financial information.

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Whether you are an analyst, business person or accounting student, audit the records of a corporation, a business manager, or balance your own checkbook, you will find the VentureLine accounting dictionary of accounting terms of immeasurable assistance. Goodwill ‐‐ in accounting, the difference between what a company pays when it buys the assets of another company and the book value of those assets. Sometimes, real goodwill is involved ‐ a company's good reputation, the loyalty of its customers, and so on. Sometimes, goodwill is an overpayment.

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Glossary of Commonly Used Accounting Terms. Whether completing undergraduate work or preparing for the CPA exam, accounting students have told us that a glossary of terms is never far from their side. But a simple definition rarely seems to be enough for a real understanding of complex concepts and processes. The following is a glossary of words and phrases crucial to the accounting profession. Accounting - The systematic recording, reporting, and analysis of financial transactions of a business. Accounting allows a company to analyze the financial performance of the business, and look at statistics such as net profit.