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ACCOUNTING

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Accounting

Accounting is the systematic process of recording, classifying, summarizing, and interpreting financial transactions of

March 15, 2026

Accounting

Corporate Tax

Corporate tax is a tax imposed on the net income or profit of corporations and businesses.

March 15, 2026

Accounting

Asset

An asset is a resource owned by a company or individual that has economic value and can provide future benefits.

March 15, 2026

Accounting

Liability

A liability is a financial obligation or debt that a company owes to another party.

March 15, 2026

Accounting

Equity

Equity represents the owner's residual interest in a company after all liabilities are deducted from total assets.

March 15, 2026

Accounting

GAAP

GAAP (Generally Accepted Accounting Principles) is a set of standardized accounting rules and guidelines used for financ

March 15, 2026

Accounting

Accrual Accounting

Accrual accounting records revenue when earned and expenses when incurred, regardless of when cash is received or paid.

March 15, 2026

Accounting

Auditing

Auditing is the independent examination of financial records and statements to verify their accuracy and compliance with

March 15, 2026

Accounting

Four Flavors of Accounting

The four flavors of accounting refer to the four main branches: financial, management, tax, and auditing.

March 15, 2026

Accounting

Tax Rebate

A tax rebate is a refund from the government when you have paid more tax than you actually owe.

March 15, 2026

Accounting

Financial Accounting

Financial accounting is the process of recording, summarizing, and reporting financial transactions to external stakehol

March 15, 2026

Accounting

Tax Compliance

Tax compliance is the process of following all tax laws and regulations by accurately reporting income and paying taxes

March 15, 2026

Accounting

Income Tax

Income tax is a tax imposed by the government on the income earned by individuals and businesses.

March 15, 2026

Accounting

Income Statement

An income statement shows a company's revenues, expenses, and profit or loss over a specific period.

March 15, 2026

Accounting

Balance Sheet

A balance sheet is a financial statement that shows a company's assets, liabilities, and equity at a specific point in t

March 15, 2026

Accounting

Cash Flow Statement

A cash flow statement shows how cash moves in and out of a business during a specific period.

March 15, 2026

Accounting

Accounts Payable

Accounts payable is money a company owes to its suppliers or vendors for goods and services received on credit.

March 15, 2026

Accounting

Accounts Receivable

Accounts receivable is money owed to a company by its customers for goods or services delivered on credit.

March 15, 2026

Accounting

Adjusting Entries

Adjusting entries are journal entries made at the end of an accounting period to update account balances before financia

March 15, 2026

Accounting

Amortization

Amortization is the gradual reduction of a debt through scheduled payments or the spreading of an intangible asset's cos

March 15, 2026

Accounting

Annual Report

An annual report is a comprehensive document published by a company summarizing its financial performance and activities

March 15, 2026

Accounting

Bad Debt

Bad debt is money owed to a business that is unlikely to be collected and is written off as a loss.

March 15, 2026

Accounting

Bank Reconciliation

Bank reconciliation is the process of comparing a company's financial records with its bank statements to ensure accurac

March 15, 2026

Accounting

Bookkeeping

Bookkeeping is the systematic recording of all financial transactions of a business on a day-to-day basis.

March 15, 2026

Accounting

Break-even Analysis

Break-even analysis determines the point at which total revenue equals total costs, resulting in neither profit nor loss

March 15, 2026

Accounting

Budgeting

Budgeting is the process of creating a financial plan that estimates income and expenses for a specific period.

March 15, 2026

Accounting

Capital

Capital refers to the financial resources and assets available to a business or individual for productive use.

March 15, 2026

Accounting

Capital Expenditure

Capital expenditure (CapEx) is money spent on acquiring or improving long-term assets like property, equipment, or techn

March 15, 2026

Accounting

Cash Accounting

Cash accounting is a method where revenue and expenses are recorded only when cash is actually received or paid.

March 15, 2026

Accounting

Cash Equivalents

Cash equivalents are highly liquid short-term investments that can be easily converted to a known amount of cash.

March 15, 2026

Accounting

Chart of Accounts

A chart of accounts is a list of all accounts used by a company to record financial transactions, organized by category.

March 15, 2026

Accounting

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to pe

March 15, 2026

Accounting

Cost of Goods Sold (COGS)

COGS represents the direct costs of producing or purchasing the goods a company sells during a period.

March 15, 2026

Accounting

Credit

A credit is an accounting entry that increases liabilities, equity, or revenue and decreases assets or expenses.

March 15, 2026

Accounting

Credit Limit

A credit limit is the maximum amount of credit a lender or creditor extends to a borrower.

March 15, 2026

Accounting

Current Assets

Current assets are resources a company expects to convert into cash or use up within one year.

March 15, 2026

Accounting

Current Liabilities

Current liabilities are short-term financial obligations that a company must pay within one year.

March 15, 2026

Accounting

Debt

Debt is money borrowed by one party from another, with an obligation to repay the principal amount along with interest.

March 15, 2026

Accounting

Debit

A debit is an accounting entry that increases assets or expenses and decreases liabilities or equity.

March 15, 2026

Accounting

Deferred Income

Deferred income is revenue received in advance for goods or services that have not yet been delivered.

March 15, 2026

Accounting

Depreciation

Depreciation is the systematic allocation of the cost of a tangible asset over its useful life.

March 15, 2026

Accounting

Dividends

Dividends are portions of a company's earnings distributed to shareholders as a return on their investment.

March 15, 2026

Accounting

Double-Entry System

The double-entry system is an accounting method where every transaction is recorded in at least two accounts with equal

March 15, 2026

Accounting

Earnings Per Share (EPS)

EPS is a financial metric that shows how much profit a company earns for each outstanding share of its stock.

March 15, 2026

Accounting

Economic Order Quantity (EOQ)

EOQ is a formula that determines the ideal order quantity to minimize total inventory costs including ordering and holdi

March 15, 2026

Accounting

Endorsement

An endorsement is a formal approval or authorization, often involving the signing of a financial document to transfer ri

March 15, 2026

Accounting

Entity

An entity is any organization, individual, or structure that is recognized as a separate unit for accounting or legal pu

March 15, 2026

Accounting

Expense

An expense is a cost incurred by a business during its operations to generate revenue.

March 15, 2026

Accounting

Fair Value

Fair value is the estimated price at which an asset or liability would be exchanged in an orderly transaction between ma

March 15, 2026

Accounting

Financial Leverage

Financial leverage is the use of borrowed funds to increase the potential return on investment.

March 15, 2026

Accounting

Fixed Assets

Fixed assets are long-term tangible assets used in business operations that are not intended for sale.

March 15, 2026

Accounting

Fixed Cost

Fixed costs are business expenses that remain constant regardless of the level of production or sales volume.

March 15, 2026

Accounting

Foreign Exchange

Foreign exchange (forex) involves the conversion of one currency into another for trade, investment, or financial purpos

March 15, 2026

Accounting

General Ledger

A general ledger is the master accounting record that contains all financial transactions of a business organized by acc

March 15, 2026

Accounting

Gross Profit (Accounting)

Gross profit is the revenue remaining after deducting the cost of goods sold, showing the profitability of core business

March 15, 2026

Accounting

Impairment

Impairment is a permanent reduction in the value of an asset when its market value falls below its book value.

March 15, 2026

Accounting

Indirect Costs

Indirect costs are expenses that cannot be directly traced to a specific product, service, or project.

March 15, 2026

Accounting

Intangible Assets

Intangible assets are non-physical assets that have value, such as patents, trademarks, copyrights, and goodwill.

March 15, 2026

Accounting

Internal Audit

Internal audit is an independent review conducted within an organization to evaluate and improve its operations, risk ma

March 15, 2026

Accounting

Inventory

Inventory refers to the goods and materials a business holds for the purpose of sale or production.

March 15, 2026

Accounting

Investment

An investment is the allocation of money or resources into an asset, venture, or project with the expectation of generat

March 15, 2026

Accounting

Journal

A journal is a chronological record of all financial transactions in a business before they are posted to the ledger.

March 15, 2026

Accounting

Lease

A lease is a contractual agreement where one party pays another for the right to use an asset for a specified period.

March 15, 2026

Accounting

Liquidity

Liquidity measures how easily an asset can be converted into cash without significantly affecting its price.

March 15, 2026

Accounting

Long-term Debt

Long-term debt refers to loans and financial obligations that are due more than one year from the current date.

March 15, 2026

Accounting

Management Accounting

Management accounting provides financial information to internal managers to help them make better business decisions.

March 15, 2026

Accounting

Marketable Securities

Marketable securities are liquid financial instruments that can be quickly converted into cash at a reasonable price.

March 15, 2026

Accounting

Net Income

Net income is the total earnings of a company after all expenses and taxes have been subtracted from revenue.

March 15, 2026

Accounting

Net Profit

Net profit is the amount of money left after all expenses, taxes, and costs have been deducted from total revenue.

March 15, 2026

Accounting

Net Worth

Net worth is the total value of assets minus total liabilities, representing the true financial value of a person or com

March 15, 2026

Accounting

Notes Payable

Notes payable are formal written promises by a company to pay a specified amount to a creditor by a certain date.

March 15, 2026

Accounting

Notes Receivable

Notes receivable are formal written promises from another party to pay a specified amount by a certain date.

March 15, 2026

Accounting

Operating Expenses

Operating expenses are the ongoing costs a business incurs to run its day-to-day operations.

March 15, 2026

Accounting

Payroll

Payroll is the process of calculating and distributing wages, salaries, and deductions to employees.

March 15, 2026

Accounting

Petty Cash

Petty cash is a small amount of money kept on hand for minor everyday business expenses.

March 15, 2026

Accounting

Posting

Posting is the process of transferring journal entries to the appropriate accounts in the general ledger.

March 15, 2026

Accounting

Prepaid Expenses

Prepaid expenses are payments made in advance for goods or services to be received in the future.

March 15, 2026

Accounting

Purchase Order

A purchase order is a formal document issued by a buyer to a seller specifying items, quantity, and price.

March 15, 2026

Accounting

Reconciliation

Reconciliation is the process of comparing two sets of financial records to ensure they match.

March 15, 2026

Accounting

Risk Assessment

Risk assessment is the process of identifying and evaluating potential risks that could negatively impact an organizatio

March 15, 2026

Accounting

Salvage Value

Salvage value is the estimated residual worth of an asset at the end of its useful life.

March 15, 2026

Accounting

Securities

Securities are tradable financial instruments that represent ownership, debt, or rights to ownership.

March 15, 2026

Accounting

Selling Expenses

Selling expenses are costs incurred in marketing, advertising, and distributing products or services.

March 15, 2026

Accounting

Shareholder

A shareholder is an individual or entity that owns shares in a company, giving them partial ownership.

March 15, 2026

Accounting

Short-term Liabilities

Short-term liabilities are financial obligations a company must pay within one year.

March 15, 2026

Accounting

Statement of Changes in Equity

A statement of changes in equity shows how a company's equity changed over a reporting period.

March 15, 2026

Accounting

Subsidiary

A subsidiary is a company owned or controlled by another company, known as the parent company.

March 15, 2026

Accounting

Taxable Income

Taxable income is the portion of income subject to taxation after all deductions and exemptions are applied.

March 15, 2026

Accounting

Trial Balance

A trial balance is a report listing all general ledger account balances to verify total debits equal total credits.

March 15, 2026

Accounting

Turnover

Turnover refers to the total revenue generated by a business or the rate at which assets like inventory or employees are

March 15, 2026

Accounting

Unearned Revenue

Unearned revenue is money received by a company for goods or services it has not yet delivered.

March 15, 2026

Accounting

Variable Costs

Variable costs are expenses that change in proportion to the volume of production or sales, such as raw materials and sh

March 15, 2026

Accounting

Voucher

A voucher is a document that serves as proof of a financial transaction and authorizes or records a payment.

March 15, 2026

Accounting

Wages Payable

Wages payable is the amount of unpaid wages a company owes to its employees for work already completed.

March 15, 2026

Accounting

Working Capital

Working capital is the difference between a company's current assets and current liabilities, indicating its short-term

March 15, 2026

Accounting

Write-Off

A write-off is an accounting action where a company removes an asset or receivable from its books after determining it h

March 15, 2026

Accounting

Categories

ACCOUNTING

Accounting

Corporate Tax

Asset

Liability

Equity

GAAP

Accrual Accounting

Auditing

Four Flavors of Accounting

Tax Rebate

Financial Accounting

Tax Compliance

Income Tax

Income Statement

Balance Sheet

Cash Flow Statement

Accounts Payable

Accounts Receivable

Adjusting Entries

Amortization

Annual Report

Bad Debt

Bank Reconciliation

Bookkeeping

Break-even Analysis

Budgeting

Capital

Capital Expenditure

Cash Accounting

Cash Equivalents

Chart of Accounts

Closing Entries

Cost of Goods Sold (COGS)

Credit

Credit Limit

Current Assets

Current Liabilities

Debt

Debit

Deferred Income

Depreciation

Dividends

Double-Entry System

Earnings Per Share (EPS)

Economic Order Quantity (EOQ)

Endorsement

Entity

Expense

Fair Value

Financial Leverage

Fixed Assets

Fixed Cost

Foreign Exchange

General Ledger

Gross Profit (Accounting)

Impairment

Indirect Costs

Intangible Assets

Internal Audit

Inventory

Investment

Journal

Lease

Liquidity

Long-term Debt

Management Accounting

Marketable Securities

Net Income

Net Profit

Net Worth

Notes Payable

Notes Receivable

Operating Expenses

Payroll

Petty Cash

Posting

Prepaid Expenses